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Spain: Preliminary data show growth slowing in Q3

October 30, 2014

GDP expanded a seasonally-adjusted 0.5% in Q3 over the previous quarter according to preliminary data released by the National Statistics Office (INE) on 30 October. The expansion, which matched the estimate reported in the Bank of Spain’s Quarterly Report from 23 October, followed the 0.6% expansion recorded in Q2. The Q2 print had marked the largest expansion since Q4 2007.

On an annual basis, GDP expanded 1.6% in Q3, which represented an improvement over the 1.3% increase recorded in the previous quarter and represented the largest expansion since Q2 2008. The National Statistics Office (INE) will release more detailed data on 27 November.

Both the Central Bank and the government expect the economy to grow 1.3% in 2014 before accelerating to 2.0% in 2015. FocusEconomics Consensus Forecast panelists expect GDP to expand 1.2% in 2014, which is unchanged from last month’s forecast. In 2015, panelists expect the economy to expand 1.8%, which is also unchanged over the previous month’s estimate.


Author: Ricard Torné, Head of Economic Research

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Spain GDP Chart


Spain GDP Q3 2014

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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