GDP per capita in Spain
Spain - GDP per capita (Euros)
Economy rebounds at slightly softer pace than previously estimated in Q3
A second reading of national accounts data showed that the economy expanded at a slightly softer pace than originally estimated in the third quarter, with GDP growth revised down to 16.4% on a seasonally-adjusted quarter-on-quarter basis (previously reported: +16.7% s.a. qoq). That said, the reading still marked a record high and contrasted the steep 17.8% contraction seen in the second quarter. However, output was still down a revised 9.0% year-on-year (previously reported: -8.7% yoy)
The slight downward revision to growth came despite stronger-than-previously-estimated domestic demand. Consumer spending jumped 20.8% over the prior quarter in Q3 (previously reported: +20.7% s.a. qoq), swinging from Q2’s 20.7% nosedive as businesses and shops reopened. In addition, fixed investment grew at a stronger rate of 21.7% compared to the previously reported 19.9% increase (Q2: -20.6%), buoyed by recovering residential and capital goods investment. Lastly, public consumption expanded 1.2% (previously reported: +1.1%), up from the second quarter’s 0.3% increase.
The contribution of the external sector, however, was weaker than originally estimated, weighing on the overall reading. Exports of goods and services expanded 29.9% over the prior quarter in Q3, down from the previously reported 34.3% surge but still swinging from the second quarter’s 33.1% contraction. Foreign demand was buttressed by the economic recovery in the EU and returning tourists. Imports, meanwhile, expanded 27.0% over the previous quarter in Q3, down slightly from the previously reported 28.4% increase (Q2: -28.5% s.a. qoq). Firming imports were driven by strengthening domestic demand.
Looking ahead, the economy is forecast to return to growth in 2021, bouncing back from the pandemic-induced contraction in 2020. That said, the balance of risks remains tilted to the downside due to potential permanent damage to the vital tourism sector, elevated unemployment and a possible prolongation of the pandemic. Rising public debt levels pose a further downside risk.
The Central Bank forecasts the economy to grow 4.1%–7.3% in 2021. FocusEconomics Consensus Forecast panelists, meanwhile, project that GDP will expand 6.6% in 2021, which is down 0.4 percentage points from last month’s forecast. In 2022, panelists see the economy growing 4.2%.
Spain - GDP per capita (EUR) Data
|GDP per capita (EUR)||23,219||24,006||25,036||25,882||26,692|
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 23, 2020
A second reading of national accounts data showed that the economy expanded at a slightly softer pace than originally estimated in the third quarter, with GDP growth revised down to 16.4% on a seasonally-adjusted quarter-on-quarter basis (previously reported: +16.7% s.a.
December 9, 2020
Industrial production dropped 1.6% year-on-year in seasonally- and calendar-adjusted terms in October, moderating from September’s 3.1% decline.
December 3, 2020
Reflecting a steeper decline in services activity and a return to contraction by the manufacturing sector, the IHS Markit composite Purchasing Managers’ Index (PMI) dipped from 44.1 in October to 41.7 in November—the lowest reading since May.
November 30, 2020
The Spanish Board of Architects approved 8,615 new construction permits in September, according to data published by the Ministry of Public Works.
November 30, 2020
Spain’s current account balance recorded a surplus of EUR 304 million in September, significantly below both the EUR 1.2 billion surplus recorded in September 2019 and August’s EUR 1.4 billion surplus.