Spain's GDP grew by 0.4 percent on quarter in the three months to December 2020, following a record 16.4 percent advance in the previous period and compared to market expectations of a 1.5 percent contraction as the impact of tightening COVID-19 restrictions since November was less severe. Household consumption slowed (2.5 percent vs 20.8 percent) and fixed investment declined (-3.1 percent vs 21.7 percent) while public spending rose faster (4 percent vs 1.2 percent). Meantime, net external demand contributed negatively to GDP as exports fell 1.4 percent (vs 29.9 percent in Q3) while imports went 0.4 percent (vs 27 percent in Q3). Year-on-year, the GDP shrank by 9.1 percent in Q4, after a 9 percent drop in Q3 but less than a consensus of a 10.8 percent contraction. In 2020, output fell 11 percent, the most on record and not far from a government projection for an 11.2% decline. source: National Statistics Institute (INE)
GDP Growth Rate in Spain averaged 0.45 percent from 1995 until 2020, reaching an all time high of 16.40 percent in the third quarter of 2020 and a record low of -17.90 percent in the second quarter of 2020. This page provides the latest reported value for - Spain GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Spain GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2021.
GDP Growth Rate in Spain is expected to be -0.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Spain to stand at 2.00 in 12 months time. In the long-term, the Spain GDP Growth Rate is projected to trend around 0.50 percent in 2022 and 0.60 percent in 2023, according to our econometric models.