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Financial News: Spain Q3 GDP Growth Improves Less Than Expected

Spain Q3 GDP Growth Improves Less Than Expected

10/29/2021 - 03:37:00 (RTTNews)

(RTTNews) - Spain's economic output growth accelerated in the third quarter, albeit less than expected, preliminary data from the statistical office INE showed on Friday.

Gross domestic product grew 2 percent sequentially, faster than the 1.1 percent expansion posted in the second quarter. But this was slower than the 2.7 percent expansion economists' had forecast.

On a yearly basis, GDP growth eased sharply to 2.7 percent in the third quarter from 17.5 percent in the preceding period. GDP was expected to advance 3.5 percent.

The expenditure-side breakdown showed that household spending decreased 0.5 percent, while government spending edged up 0.1 percent.

Gross fixed capital formation rebounded 2 percent after falling 3.1 percent in the second quarter.

Exports advanced sharply by 6.4 percent and imports logged a moderate growth of 0.7 percent.

Another report from the statistical office INE showed that retail sales dropped for the second straight month in September. Sales dropped 0.1 percent annually after easing 0.7 percent in August.

On an unadjusted basis, retail sales remained flat following a 0.1 percent decrease in the previous month.

Month-on-month, retail sales gained 0.3 percent, in contrast to the 0.1 percent fall in August.

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