Financial News: Spain GDP Expands More Than Forecast

Spain GDP Expands More Than Forecast

10/30/2024 - 04:59:00 (RTTNews)

(RTTNews) - The Spanish economy logged a faster-than-expected growth in the third quarter on domestic demand, advance estimates from the statistical office INE showed on Wednesday.

Gross domestic product grew 0.8 percent on a sequential basis, the same rate of growth as seen in the second quarter. Growth was forecast to ease to 0.6 percent.

The expenditure-side of GDP showed that domestic demand contributed 0.9 points to growth, while external demand contributed negatively by 0.1 points.

Household consumption moved up 1.1 percent and government spending climbed 2.2 percent. Meanwhile, gross capital formation fell 0.7 percent.

Exports of goods and services expanded 0.9 percent and imports grew 1.2 percent.

Further, data showed that all major sectors of the economy logged positive growth, except construction. Industry grew 0.2 percent and services by 1.1 percent. Meanwhile, construction shrank 1.4 percent.

On a yearly basis, economic growth accelerated unexpectedly to 3.4 percent from 3.2 percent in the previous quarter. Economists had forecast the rate to ease to 2.9 percent.

Economists at Capital Economics said Spain's rapid growth over the past couple of years was partly due to the expansion of the tourism sector but also due to rapid immigration which has lifted the labour supply and household consumption. The economists expect this virtuous circle to continue for some time.

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