The Spanish economy is growing at an annual rate of 4.4%
The Spanish economy slowed its quarter-on-quarter growth by nearly two points to 0.1% between July and September, compared to 2% in the previous quarter, mainly thanks to the slowdown in investment and moderation in household consumption, according to the National Accounts were published Friday by the National Institute of Statistics (INE).
This 0.1% growth is one-tenth lower than that of October 28, when the INE estimated quarter-on-quarter GDP growth of 0.2%.
However, the growth of the Spanish economy in the interannual interest rate advanced from 3.8% on October 28 has been revised upwards by six-tenths to 4.4%. However, this percentage contrasts with the growth of 7.6% in the second quarter of the year.
Statistics explain that in the preliminary data for the third quarter, most statistical indicators on recent economic developments gave results until August.
However, the results to be published this Friday already include all the statistical indicators marking the economic evolution of the third quarter, “the information of which, in the vast majority of cases, already covers the entire quarter,” he specifies.
The quarter-on-quarter growth of 0.1% recorded in the third quarter is due to the slowdown in household consumption, as it grew by only 0.1%, which is 1.6 points less than in the previous quarter.
Conversely, consumption by non-profit institutions increased by 0.9%, compared to growth of 0.5% in the previous quarter, while government spending skyrocketed by 1.4% between July and September, returning to positive rates after three consecutive quarters of declines.
Investments, for their part, fell by 0.1% in the third quarter, compared to an increase of 2.9% in the previous quarter.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
