Spanish Q3 GDP Growth Rate Confirmed at 0.8%

The Spanish economy advanced by 0.8 percent on quarter in the three months to September 2017, in line with the preliminary estimate and following a 0.9 percent expansion in the previous period. Net external demand had no contribution to growth, while fixed investment rose at a faster pace and household consumption remained solid.
INE | Joana Ferreira | 11/30/2017 8:39:31 AM
It was the 16th straight quarter of growth after a five-year financial crisis that ended in 2013.

Net external demand made no contribution to growth as both exports and imports were unchanged from the previous period. In the second quarter, it had contributed positively, with exports rising 0.1 percent and imports falling 0.7 percent.

Gross fixed capital formation increased 1.3 percent after a 0.6 percent gain in the second quarter, mainly boosted by stronger investment in equipment goods (2.5 percent from -0.1 percent in Q2) and intellectual property prducts (1.9 percent from 0.8 percent) while investment in construction rose at a softer pace (0.3 percent from 1 percent). Household consumption grew 0.7 percent, the same as in the previous period; and government spending rose 0.4 percent, also unchanged from the second quarter.

On the production side, services sector growth was steady at 0.8 percent while industry output expanded at softer rate (0.4 percent from 0.9 percent in Q2). Also construction output rose 1.1 percent, the same as in Q2; and agriculture advanced 1.2 percent, after showing no growth in the previous period.

On an annual basis, the economy grew by 3.1 percent in the third quarter, unchanged from the previous period and in line with earlier estimates.

Spanish Q3 GDP Growth Rate Confirmed at 0.8%