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Financial News: Spain GDP Rebounds In Q3

Spain GDP Rebounds In Q3

12/23/2020 - 05:19:00 (RTTNews)

(RTTNews) - Spain's economy rebounded from the recession in the third quarter but the pace of growth was slightly slower than the initial estimate, final data from the statistical office INE showed on Wednesday.

Gross domestic product surged 16.4 percent sequentially, in contrast to a 17.9 percent fall in the second quarter and the 5.3 percent drop in the first quarter.

The growth rate for the third quarter was revised down from 16.7 percent.

Year-on-year, GDP fell 9.0 percent after shrinking 21.5 percent in the preceding period. The initial estimate was -8.7 percent.

All components of GDP provided positive contribution to growth. Household spending surged 20.8 percent and gross fixed capital formation climbed 21.7 percent. Exports and imports advanced 29.9 percent and 27.0 percent, respectively.

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