GDP grew again by 0.6% in the third quarter

GDP grew again by 0.6% in the third quarter

The Spanish economy grew by 0.6% in the July-September period compared to the previous three months, accumulating three consecutive quarters with the same growth rate, according to the final GDP figure published today by the National Institute of Statistics (INE).

The interannual variation of GDP in the third quarter of the year was 2.4%, one tenth less than the figure advanced two months ago, when the INE offered its first calculations, and also one tenth less than the progress made in the second quarter of the year. year.

Thus, the Year-to-year GDP has already accumulated three months of deceleration, since from 3,1% quarterly with the one that ended 2017 it happened to 2,8% in the first trimester of 2019, to 2,5% in the second and to 2,4% in the third one.

The maintenance of the quarterly rate of growth of 0.6% was supported in large part by domestic demand, which contributed 2.8 points of GDP, which is two tenths less than initially calculated and three tenths less than in the first quarter. second quarter of the year.

Instead, foreign demand subtracted 0.4 points from GDP, one tenth less than what was expected, but two tenths more than in the previous quarter.

Employment, in terms of full-time equivalent jobs, grew by 0.7% in the quarter, one tenth less than in the three previous months, although in the last twelve months accumulated an advance of 2.5 % (equivalent to 450,000 jobs).

The employment of the industrial branches increased by 0.6% (1.5 points less than in the previous quarter), the construction rose by 8.7% (one tenth more), the service 2.5% (three tenths more) and the primary sector fell 1 , 4% (three tenths more pronounced than in the previous quarter).

The advance of the Spanish economy as a whole was largely achieved thanks to the recovery in household consumption, which finally grew 2.1% year-on-year, one tenth less than in the previous quarter.

Only during the third quarter, household consumption advanced 0.8% quarter-on-quarter, two tenths more than what had been calculated at the beginning and a notable advance if we take into account that in the second quarter this parameter did not register any changes.

This increase helped to neutralize the slowdown suffered in the third quarter of the year in investment (gross formation of fixed capital), which went from advancing 3% between April and June, to grow only 0.8% between July and September.

In inter-annual terms, investment advanced 5.6%, 1.7 points less than the second quarter of the year, largely thanks to housing and construction, which rose 5.5%, 0.8 points less than in the previous three months.

Also in year-on-year terms, investment in machinery, capital goods, weapons systems and cultivated biological resources increased by 7% (compared to 10% in the second quarter).

Investment in machinery, capital goods and weapons systems increased 7.2% year-on-year, compared to 10.3% in the previous quarter; while that for intellectual property products increased 1.8% year-on-year, compared to 2.5% previously.

As regards the foreign sector, exports suffered a quarterly decline of 0.9%, after advancing 0.3% in the second quarter.

Imports also suffered a setback, in this case 0.2% quarter-on-quarter between July and September, compared to a rise of 0.7% in the three previous months.

By sectors, agriculture, livestock, forestry and fishing was the worst results showed in the third quarter, with a fall of 3.4% compared to the advance of 0.5% of the previous three months. The industry also contracted, in this case 0.2%, compared to the previous 0.3% rise.

Construction and services were the ones that pulled the rest of the economy, with advances in the third quarter of 1.6 and 0.8%, respectively, compared to increases of 1.6 and 0.5% in the three previous months. EFE


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