The Spanish economy grew by 0.6% in the third quarter of the year, two tenths less than in the previous quarter, due to the behavior of the foreign sector, which subtracted six tenths from the growth, compared to the boost experienced by national demand, which contributed 1.2 points to the progress of the Spanish economy in the summer months.
For its part, year-on-year GDP growth stood at 2.8% in the third quarter, two tenths less than in the previous quarter, according to advanced National Accounting data published this Wednesday by the National Institute of Statistics (INE).
For the Ministry of Economy, the quarterly growth of 0.6% achieved this summer corroborates “the dynamism of the Spanish economy.” “This is the ninth consecutive quarter with GDP growth of 0.6% or higher compared to the previous quarter,” highlighted the Department led by Carlos Corpo.
Economía has also highlighted that the quarterly GDP growth was driven by internal demand, “with the rise of consumption and investment, in a scenario of geopolitical and commercial uncertainty at the international level.”
Specifically, between July and September, household final consumption spending increased by 1.2%, five tenths more than in the previous quarter. “This quarterly growth doubles the pace of the previous period and is a reflection of the solidity of the labor market and the increase in purchasing power,” said Economía.
For its part, public spending advanced 1.1% between July and September, its largest rebound since the third quarter of 2024, while investment increased 1.7%, one point above what it did in the second quarter.
Regarding the foreign sector, which subtracted six tenths from the growth of the third quarter, exports fell by 0.6% between July and September, thus breaking several quarters of increases. For its part, imports moderated their quarterly increase by five tenths, to 1.1%.
As in the case of the quarterly GDP, only domestic demand contributed to the 2.8% year-on-year growth, contributing 3.7 points, compared to the negative contribution of eight tenths from external demand.
In an interannual rate, consumption grew by 2.8%, two tenths less than in the previous quarter, after the increase in household consumption remained at 3.3% and public spending slowed six tenths, to 1.3%.
Investment, for its part, accelerated its year-on-year growth by 2.4 points compared to the second quarter, up to 7.6%.
The Ministry of Economy has stressed that the year-on-year growth of the third quarter “reinforces the recent upward revisions of the forecasts of the main national and international institutions for 2025, in which Spain will once again lead the main advanced economies, with an advance of 2.9%, according to the IMF, or even higher, according to other organizations.”
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