Spain | GDP growth stabilized at 0.4% QoQ in Q3, in line with expectations

Summary

The Spanish economy grew 0.4% QoQ (2.0% YoY) in 3Q. According to the flash estimate, the domestic demand explained the increase (1.1pp QoQ; 1.8pp YoY), thanks to the recovery in consumption and investment. On the contrary, the external demand dragged down growth (-0.7pp QoQ; 0.2pp YoY), due to the strong rebound of imports

Key points

• Key points:
• Growth remains constant in Q3
• Domestic demand recovers in the short run while the external continues to show weakness
• GDP breakdown showed high volatility
• Employment broadly stagnated and productivity increased marginally, while real unit labor costs continue to grow

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