Domestic Demand in Spain
Spain - Domestic Demand
The economy grinds to a near-halt in the third quarter
According to a preliminary estimate, GDP rose 0.2% on a seasonally adjusted quarter-on-quarter basis in Q3, decelerating notably from the 1.5% increase recorded in Q2. The economy was buffeted by soaring production costs and inflation weighing on investments and exports. In year-on-year terms, the economy grew 3.8% in Q3, down from Q2’s 6.8% expansion.
Notable decelerations in fixed investment growth and external demand drove the quarterly cooling: Fixed investment rose only 0.6%, weighed down by a downturn in housing investment (Q2: +2.5% s.a. qoq). Meanwhile, private spending rose 1.1% on a quarterly basis—following a 1.2% expansion in Q2—despite soaring energy prices and benefiting from a resilient labor market and accumulated savings. Meanwhile, government consumption increased 0.6% from the prior quarter (Q2: -1.3% s.a. qoq).
Meanwhile, the external sector weighed on the economy as exports growth slowed: Exports of goods and services rose 1.3% in seasonally adjusted quarter-on-quarter terms (Q2: +4.9% s.a. qoq), while imports were up 3.7% in quarterly terms (Q2: +2.8% s.a. qoq).
FocusEconomics Consensus Forecast panelists project that GDP will expand 1.1% in 2023, which is down 0.3 percentage points from last month’s forecast, and 2.1% in 2024.
Spain - Domestic Demand Data
|Domestic Demand (annual variation in %)||4.1||2.1||3.1||2.7||1.5|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||0.46||5.62 %||Dec 31|
|Exchange Rate||1.12||0.65 %||Dec 31|
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December 1, 2022
Retail sales grew 1.4% year on year in October (September: +0.6% yoy).
December 1, 2022
The current account recorded a EUR 0.4 billion surplus in September, improving from the EUR 0.1 billion deficit clocked in August (September 2021: EUR 1.5 billion surplus).
November 16, 2022
Harmonized inflation dropped to 7.3% in October, following September’s 9.0%.
November 9, 2022
Industrial output expanded 3.6% year-on-year in seasonally and calendar-adjusted terms in September, which was a deterioration from August's 5.2% increase.
November 7, 2022
The S&P Global Composite Purchasing Managers’ (PMI) fell to 48.0 in October from September’s 48.4.