Spain: GDP growth eases in Q4
According to a preliminary estimate, GDP rose 2.0% on a seasonally-adjusted quarter-on-quarter basis in the fourth quarter, beating market expectations of a 1.4% expansion but coming in below the 2.6% rise recorded in Q3. In year-on-year terms, the economy grew 5.2% in Q4, accelerating from the 3.4% increase recorded in Q3. In 2021 as a whole, the economy expanded 5.0%, regaining only part of the 10.8% contraction recorded in 2020.
A notable downturn in consumer spending drove the quarterly slowdown in Q4. Private spending contracted 1.2% on a quarterly basis, following a 1.0% increase in Q3, amid surging inflation and soaring energy prices, as well as the spread of the Omicron variant. Meanwhile, government consumption decreased 0.4% from the prior quarter (Q3: +0.5% s.a. qoq), while fixed investment rose 4.9% as investment in tangible fixed assets, housing, and machinery and equipment strengthened (Q3: +1.2% s.a. qoq).
Meanwhile, exports of goods and services rose a strong 6.5% in seasonally-adjusted quarter-on-quarter terms (Q3: +7.1% s.a. qoq). Imports, meanwhile, were up 3.5% in quarterly terms (Q3: +2.2% s.a. qoq).