The Spanish economy grew 0.4% in the third quarter, the same rate as in the second quarter, thanks to the dynamism of domestic demand (consumption and investment) and despite the stagnation of exports, the National Institute confirmed on Monday of Statistics (INE).
The data, already advanced on October 31, reflect that employment slowed its progress to 0.1% , four tenths less than in the second quarter. In year-on-year terms, employment increased at a rate of 1.8%, a rate seven tenths lower than in the second quarter, representing an increase of 332,000 full-time equivalent jobs in a year.
The annual growth of GDP stood at 1.9% , compared to 2% in the previous quarter, a rate that is one tenth lower than the one initially advanced. The contribution of national demand to the annual growth of GDP was 1.8 points, six tenths more than the second quarter, while external demand contributed 0.1 points, seven tenths less than the previous quarter.
The quarterly growth pattern reflects a worse evolution of the foreign sector , with a negative contribution of 0.6 points, which reduced the positive contribution of the domestic demand of 1 point. The INE has made slight adjustments with respect to the advanced data on October 31, since now its data shows a somewhat lower private consumption push (0.8%), while the investment progress is greater (1.7% ).
In the case of the investment, the upward correction is a consequence of the fact that the fall in housing investment (0.3%) was lower than the initially advanced one, while the growth of investment in real estate investment has been adjusted downwards team (4.8%). Exports have been revised upwards, given that the INE now reports a stagnation, when initially it was a contraction, while it has increased the advance of imports to 1.8%.
According to the criteria of The Trust Project
Know more