Financial News: Spain GDP Growth Eases To 0.6% In Q3

Spain GDP Growth Eases To 0.6% In Q3

(RTTNews) - The Spanish economy expanded at a slower pace as expected in the third quarter, advance estimates from the statistical office INE showed on Wednesday.

Gross domestic product advanced 0.6 percent on a sequential basis, slower than the 0.8 percent growth in the second quarter.

The expenditure side of GDP showed that domestic demand contributed 1.2 points to growth, while external demand contributed negatively by 0.6 percent.

Household consumption rose 1.2 percent, and government spending increased by 1.1 percent. Data showed that gross capital formation showed a growth of 1.7 percent.  Exports fell 0.6 percent compared to the previous quarter, while imports were 1.1 percent higher.

On a yearly basis, economic growth moderated to 2.8 percent from 3.0 percent in the previous quarter. Economists had forecast an expansion of 3.0 percent.

Separate official data showed that the annual retail sales growth eased to a 5-month low of 4.2 percent in September from 4.7 percent in August. On a monthly basis, retail sales increased at a stable rate of 0.5 percent. Sales of food items grew 0.6 percent, and those of non-food products moved up 0.2 percent.

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