The Spanish GDP has closed the year with a growth of 2.5%, its lowest increase since 2014 when the economy grew by 1.4%. All this, despite having registered an expansion of 0.7% in the fourth quarter of 2018 compared to the previous quarter in terms of volume, according to the data of the survey of Quarterly National Accounts published on Thursday by the National Institute of Statistics (INE) This rate is one tenth higher than that registered in the third quarter.
In the whole of 2018, GDP at current prices stood at 1,206,878 million euros, 3.5% higher than in 2017. In terms of volume, GDP recorded a growth of 2.5%.
Domestic demand, engine of growth
The contribution of the national demand to the annual growth of the GDP has been 2.7 points, one tenth lower than that of the third quarter. On the other hand, external demand returned to present a negative contribution of -0.3 points, one tenth higher than last quarter. Despite them, one of the engines of recovery in recent years seems to have seized.
For its part, the implicit GDP deflator has increased by 0.8% compared to the same quarter of 2017, two tenths less than in the previous quarter. Employment, in terms of full-time equivalent jobs, registered a quarter-on-quarter variation of 0.6%, one tenth lower than that reached in the third quarter.
In year-on-year terms, employment has increased at a rate of 2.6%, one tenth higher than in the third quarter, which represents an increase of 463,000 full-time equivalent jobs in a year. The interannual variation of the unit labor cost has been placed this quarter at 1.6%.
This 2.5% rate coincides with the estimates of the Bank of Spain, the IMF and with the average consensus of the main study services, Not so with the official forecasts of the Government, that pointed to a growth of 2.6% in the whole of 2018. In any case, the data are still provisional and will be known at the disaggregated level on March 29.