Financial News: Spain GDP Grows 0.3% In Q3

Spain GDP Grows 0.3% In Q3

10/27/2023 - 04:07:00 (RTTNews)

(RTTNews) - Spain's economy grew at a slightly slower pace in the third quarter but the rate of expansion exceeded expectations, advance estimate from the statistical office INE showed Friday.

Gross domestic product expanded 0.3 percent sequentially, following second quarter's 0.4 percent expansion. The growth rate was seen at 0.2 percent.

On a yearly basis, economic growth eased to 1.8 percent from 2.0 percent a quarter ago. Nonetheless, this was better than the expected 1.6 percent.

The expenditure-side breakdown showed that household spending grew at a faster pace of 1.4 percent on quarter after a 0.9 percent gain. Meanwhile, growth in government spending eased to 0.6 percent from 1.6 percent.

Gross fixed capital formation was down 0.4 percent, in contrast to the 1.9 percent rise in the second quarter.

Exports of goods and services decreased 4.0 percent after a 3.3 percent drop. Likewise, the fall in imports deepened to 3.1 percent from 2.1 percent.

Another data from the statistical office showed that retail sales posted a slower growth in September. Sales posted an annual growth of 6.5 percent after rising 7.1 percent in August.

Food sales climbed 2.6 percent and non-food sales surged 15.9 percent. Service stations registered an annual fall of 8.7 percent, data showed. Month-on-month, retail sales gained 0.2 percent. This follows August's 0.3 percent rise.

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