Spain’s Q3 GDP expanded 0.3% from previous quarter – final data
2023.12.22 05:37
© Reuters. A fruit and vegetable vendor servers to a woman on a road in Ardales, near Malaga, Spain, April 28, 2022. REUTERS/Jon Nazca/file photo
(Reuters) – Spain’s gross domestic product growth slowed down slightly in the third quarter, though it showed more resilience than in neighboring countries, final data showed on Friday.
The economy expanded 0.3% from the previous quarter, down from a 0.4% growth in the second quarter, the National Statistics Institute (INE) said confirming a preliminary report released in October.
Analysts polled by Reuters had expected a quarter-on-quarter growth of 0.3%.
Spain’s third-quarter economic output grew 1.8% compared with the same quarter a year ago, down from an annual growth of 2% in the second quarter, INE said.
“These data confirm the Spanish economy’s growth differential with the main countries in the euro zone and are in line with macroeconomic outlook,” Economy Ministry said in a statement.
Internal demand and government spending boosted economic growth, INE data showed.
Spain has been outperforming its European peers, such as Germany, whose economy is heading for a contraction this year as it depends more on manufacturing and is suffering more from the global economic slowdown.
French and German GDP contracted in the quarter from the second quarter, while Italy’s expanded a scant 0.1%.
