Thursday. 23.05.2024
STATISTICS

Spain GDP growth higher than estimated in the third quarter

The central government highlighted in a statement that these data "show a solid growth pattern, with positive contributions from domestic and foreign demand"

12/14/2021. The Minister of Economic Affairs and Digital Transformation, Nadia Calviño, at a press conference after the meeting of the Council of Ministers. Photo: La Moncloa.
The Minister of Economic Affairs and Digital Transformation, Nadia Calviño, after the meeting of the Council of Ministers. Photo: La Moncloa/File photo.

The Gross Domestic Product (GDP) of the Spanish economy grew 2.6% in the third quarter (July-September period), according to revised data published by the National Institute of Statistics (INE).

This result represents a significant modification, six tenths higher, with respect to the initial estimate of the statistical agency in October.

The revision of the GDP figures for the third quarter shows that the private consumption of Spanish families performed better than previously estimated. Instead of the published decline, this key component of GDP grew by one percentage point.

In fact, in the third quarter, national demand registered a growth of 1.1%, (0.9% more than estimated before) with a positive contribution from almost all the components, highlighting the aforementioned upward revision of private consumption.

With regard to foreign trade, exports of goods and services grew higher than previously estimated, to 7.1%, and imports of goods and services 2.2%, in quarter-on-quarter terms.

The central government highlighted in a statement that these data "show a solid growth pattern, with positive contributions from domestic and foreign demand."

Year-on year growth

In year-on-year terms, the Spanish economy registered a growth of 3.4% of GDP in the third quarter, seven tenths more than the initial estimate. The contribution of national demand to GDP growth was 2.5 points and external demand had a contribution of 0.9 points.

With regard to national demand, the dynamism of household consumption stands out, growing by 2.7% year-on-year. Gross capital formation or investments also maintained its growth, 1.3%, with a notable contribution from investment in capital goods, which grew 6.3% year-on-year.

Regarding foreign demand, exports of goods and services registered a year-on-year growth of 14.8% and imports of goods and services grew by 12.2%.

The Spanish statistical office has also reviewed the growth rates for the second and first quarters. Between January and March, the fall was somewhat greater than what was reported so far, of 0.7%. And the rebound in the second quarter was 1.2%, greater than previously estimated

Spain GDP growth higher than estimated in the third quarter