Spanish GDP Growth Confirmed at 0.8%

The Spanish economy advanced 0.8 percent on quarter in the three months to September, matching preliminary estimates and easing from an 8-year high expansion of 1 percent in the previous period, final estimates showed. Consumer and government spending accelerated while gross fixed capital formation slowed and a jump in imports weighted down on growth.
Yekaterina Guchshina | 11/26/2015 10:52:35 AM
Quarter-on-quarter, private consumption expenditure grew 1 percent, from 0.9 percent in Q2. Gross fixed capital formation expanded at a slower 1.1 percent (2.4 percent in Q2), driven by a 1.3 percent increase in fixed assets (from 2.8 percent), as capital goods and cultivated assets expanded 2.3 percent (from 3.6 percent) and construction increased 0.6 percent (from 2.2 percent). Investments in intellectual property products showed no growth (from 0.1 percent). By contrast, government consumption expenditure increased at a faster 0.9 percent, compared with the growth of 0.7 percent in the second quarter of 2015.

Total imports significantly grew by 4.0 percent, following a 1.6 percent increase in the previous quarter. At the same time, exports increased by 2.8 percent, compared with the 1.4 percent expansion in the second quarter of 2015.

On the production side, services sector went up by 0.8 percent from 1.1 percent in the precedent quarter. Industrial activities increased at a slower 0.5 percent compared to 1.4 percent growth in Q2, as manufacturing production advanced 1.0 percent (from 1.6 percent) while construction grew at a faster 1.7 percent (from 0.0 percent). Agriculture expanded 2.6 percent after a 1.4 percent increase in the precedent period. 

Year-on-year, the economy expanded 3.4 percent, the highest value since the fourth quarter of 2007, mainly driven by household consumption (3.5 percent from 2.9 percent in Q2). Government consumption rose 3.0 percent (from 2.1 percent in Q2) and gross fixed capital formation grew 6.5 percent (from 6.3 percent in Q2).

Employment expanded by 0.7 percent on quarter and by 3.1 percent compared with Q3 2014.

Spanish GDP Growth Confirmed at 0.8%