Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Spain's Q3 GDP expanded 0.3% from previous quarter - final data

Published 12/22/2023, 04:09 AM
Updated 12/22/2023, 04:11 AM
© 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%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.