Financial News: Spain GDP Growth Stable At 0.8% In Q4

Spain GDP Growth Stable At 0.8% In Q4

01/29/2025 - 05:21:00 (RTTNews)

(RTTNews) - The Spanish economy logged steady growth for the second straight quarter in the three months ending in December, 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 third quarter. Growth was forecast to ease to 0.6 percent.

The expenditure side of GDP showed that domestic demand contributed 1.2 points to growth, while external demand contributed negatively by 0.4 points.

Household consumption grew 1.0 percent, and government spending climbed 0.4 percent. Data showed that gross capital formation was 2.8 percent higher compared to the September quarter.

Exports of goods and services rose only 0.9 percent, and imports grew 1.3 percent.

Further, data showed that all major sectors of the economy logged positive growth, except the primary sector. Industry grew 0.3 percent, and services by 1.1 percent, and construction advanced 2.6 percent.

On a yearly basis, economic growth remained steady at 3.5 percent versus an expected increase of 3.2 percent. Domestic demand contributed 3.5 points to the annual GDP growth, with the contribution of external demand close to zero.

During the year 2024, the Spanish economy grew 3.2 percent versus a 2.7 percent expansion in 2023.

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