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Spain: Preliminary data show growth moderates in the third quarter

October 30, 2015

After recording the largest expansion in over 7 years in the second quarter, Spain’s economy lost steam slightly in Q3. GDP expanded a seasonally-adjusted 0.8% in Q3 2015 over the previous quarter, according to preliminary data released by the National Statistics Office (INE) on 30 October. The expansion was below Q2’s 1.0% rise, but beat expectations of a 0.7% expansion. Despite the moderation, Q3’s print still marked a solid performance for the Spanish economy as it continues to recover from years of recession.

On an annual basis, GDP expanded 3.4% in Q3, which represented an improvement over the 3.1% increase recorded in the previous quarter and marked the largest expansion since Q4 2007. The National Statistics Office (INE) will release more detailed data on 26 November.

The Central Bank expects the economy to grow 3.1% in 2015 and 2.7% in 2016. FocusEconomics Consensus Forecast panelists expect GDP to expand 3.1% in 2015, which is unchanged from last month’s forecast. In 2016, panelists expect the economy to expand 2.7%, which is also unchanged from last month’s estimate.


Author: Angela Bouzanis, Senior Economist

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Spain GDP Chart


Spain GDP Q3 2015

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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