Spain: Economy eases slightly in third quarter
October 28, 2016
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.
Author: David Ampudia, Economist