The Spanish economy grows below 2% for the first time in five years | Economy



The Spanish economy grew 0.4% in the third quarter, the same as in the previous quarter, which continues to progress at a slower pace in three years, as confirmed by the National Accounting published Monday by the National Statistics Institute (INE).

In year-on-year terms, GDP grew by 1.9% in the third quarter, one tenth less than in the second quarter and also by Statistics, which had estimated a 2% growth. National demand contributed 1.8 points to growth, six tenths more than in the second quarter, while external demand contributed 0.1 points, seven tenths less.

Between July and September, both consumption and investment improved, while export behavior worsened. Specifically, final consumption expenditure increased 0.8%, six tenths more than in the second quarter, with a 0.8% increase in the case of household consumption, compared to 0.1% growth who experienced this indicator in the second quarter.

Public spending also accelerated in the third quarter after increasing 0.6%, two tenths more than in the second quarter, while consumer spending by nonprofit institutions grew 1.6%, figure four tenths higher than the previous quarter.

On the other hand, gross fixed capital formation (investment) increased 1.7% in the third quarter, compared to the 0.2% decline experienced in the second quarter.

In year-on-year values, GDP has slowed one tenth its growth, to 1.9%, one tenth less than what the INE had anticipated at the end of October.

Employment, measured in terms of full-time equivalent jobs, slowed down seven tenths year-on-year growth, up to 1.8%, which represents the creation in a year of 332,000 full-time equivalent jobs.

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