2023-12-27 10:58:22
The Spanish economy grew by 0.3% between July and September thanks to the increase in consumption, as investment was negative, according to National Accounting data published this Friday by the National Institute of Statistics (INE) and that confirm the forecasts that he launched Statistics By the end of october. For its part, the year-on-year GDP growth stood at 1.8% in the third quarter, two tenths below that recorded in the second quarter, due to the loss of steam in the foreign sector. The Spanish economy, for all these reasons, continues to show signs of robustness in a complex and difficult scenario, although little by little the loss of steam is becoming evident: the 0.3% of the third quarter is below the advances of 0.4 % and 0.6% registered in the second and first quarters, respectively.
Economic activity was boosted this summer by greater growth and strength in consumption compared to the previous quarter, while investment registered a decrease of 0.6% after two consecutive positive periods. And all this in a context that continues to be marked by high inflation and that allows households to be placed as one of the main people responsible for economic resilience. Exports and imports, for their part, contracted during the summer to a greater extent than in the second quarter, with falls of 4.1% and 2.9%, respectively.
Household consumption, in fact, grew by 1.4% in the period analyzed, six tenths more than in the second quarter, while public spending maintained its growth at 1.3%. The strengthening of the labor market and the gradual but sustained moderation of inflation are behind the resilience of households. Investment, for its part, hit the brakes after growing 2.8% and 1.8% in the first two quarters of the year, with investment in housing falling to 2.5%, compared to an increase of 3.4%. % of the previous quarter.
The Ministry of Economy has highlighted in an assessment sent to the press, that the quarterly growth of 0.3% achieved in summer confirms “the positive evolution of the Spanish economy” and is due to the “strength” of national demand, highlighting the contribution of private consumption, in turn driven by gains in purchasing power and the evolution of employment. “This differential growth is very relevant in a context of high international uncertainty, rising interest rates and stagnation in the euro zone,” highlighted the Department headed by Nadia Calviño, who added that the sectors that contributed the most to growth were manufacturing industry and services.
In year-on-year terms, GDP grew by 1.8% in the third quarter, compared to 2% in the second quarter. It is the most moderate interannual rate since the first quarter of 2021. According to Statistics, national demand contributed 1.8 points to the interannual GDP growth in the third quarter, a figure five tenths lower than that of the previous quarter, while external demand contributed with 0 points, two tenths more than in the previous quarter.
The remuneration of employees shows an interannual growth of 8.9% in the third quarter, three tenths higher than the previous quarter. This result is a consequence of the 3.9% increase in the number of employees, eight tenths higher than the previous quarter, and the fact that the average remuneration per employee varies by 4.8%, compared to 5.3% in the second quarter.
Gross disposable national income, for its part, increased by 0.6% compared to the previous quarter, nine tenths more than in the second quarter of the previous year. The Statistics data published this Friday also reflect that the number of hours actually worked increases by 0.1% compared to the second quarter, which is 1.4 points less than the estimated increase in the previous quarter. In year-on-year terms, the number of hours actually worked increased eight tenths, up to 1.9%.
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