Spain GDP grows in Q3 2024

Spain’s gross domestic product (GDP) rose by 0.8 per cent in the third quarter of 2024, matching the growth rate from the previous quarter, according to the Spanish Statistical Office. Domestic demand contributed 1.0 per cent to quarterly growth, while external demand subtracted 0.2 points.

Household consumption grew by 1.2 per cent, and public administration spending rose by 2.5 per cent. In contrast, gross capital formation fell by 0.9 per cent. Exports increased by 0.4 per cent, while imports rose by 0.9 per cent.

On the supply side, all sectors except construction showed positive growth. Construction gross value added (GVA) fell by 1.5 per cent, while industrial sectors grew 0.2 per cent. Services grew by 1.0 per cent, and primary sectors rebounded with 1.1 per cent growth.

Year-on-year, GDP grew by 3.3 per cent, slightly higher than the previous quarter’s 3.2 per cent. Domestic demand contributed 2.8 points, and external demand added 0.5 points. Household spending rose 3.0 per cent, and public administration expenditure surged 5.1 per cent.

Employment improved, with full-time equivalent jobs up 1.9 per cent year-on-year and 0.9 per cent quarter-on-quarter. Productivity per hour increased by 2.5 per cent year-on-year.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama