Spain GDP Q3 2016

Spain

Spain: Economy eases slightly in third quarter

The Spanish economy fared remarkably well in another quarter marked by heightened political uncertainty. GDP grew a seasonally-adjusted 0.7% in Q3 from the previous quarter, according to preliminary data released by the National Statistics Office (INE) on 28 October. The expansion, which came in slightly below the 0.8% increase seen in the second quarter, matched the reading the Spanish Central Bank had expected in its latest report in September. The Bank suggested that a modest fall in exports compared to the previous quarter would drive a slight deceleration, while household spending and investment would remain strong.

On an annual basis, GDP expanded 3.2% in the third quarter, matching the figure recorded in the previous quarter. These are the lowest readings seen in a year. The National Statistics Office (INE) will release more detailed data on 24 November.

Resilient economic growth helps conservative Mariano Rajoy’s cause as he seeks to be reelected Prime Minister in late October, which will put an end to 10 months of political gridlock after two consecutive elections left no clear majority in Parliament. FocusEconomics Consensus Forecast panelists project that GDP will expand 3.0% in 2016, which is unchanged from last month’s forecast. In 2017, panelists expect the economy to expand 2.2%, which is up 0.1 percentage points from last month’s estimate.


Author:, Economist

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Spain GDP Q3 2016 0

Note: Quarter-on-quarter changes of seasonally-adjusted GDP and year-on-year variation in %
Source: Statistical Institute (INE) and FocusEconomics calculations.


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