Financial News: Spain Economy Logs Steady Growth As Estimated In

Spain Economy Logs Steady Growth As Estimated In Q3

12/23/2024 - 04:35:00 (RTTNews)

(RTTNews) - The Spanish economy expanded at a steady pace in the third quarter on domestic demand, the statistical office INE reported Monday.

Gross domestic product grew 0.8 percent on a sequential basis, the same rate as seen in the second quarter. The quarterly growth matched the estimate published on October 30.

On the expenditure-side, household consumption advanced 1.2 percent and government spending climbed 2.5 percent. On the other hand, gross capital formation declined 0.9 percent.

Exports of goods and services grew 0.4 percent and imports gained 0.9 percent from the previous quarter. On the production-side, all major sectors registered positive growth, expect construction.

Industry climbed 0.2 percent and the primary sector expanded 1.1 percent. Meanwhile, construction contracted 1.5 percent.

On a yearly basis, GDP growth advanced to 3.3 percent from 3.2 percent in the preceding quarter. However, the third quarter growth was revised down from 3.4 percent.

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