GDP per capita in Spain
Spain - GDP per capita (U.S. Dollars)
Economy continues to grow in Q3 but surprises markets on the downside
According to a preliminary reading, GDP rose 2.0% on a seasonally-adjusted quarter-on-quarter basis in the third quarter, undershooting market expectations of a 2.7% increase and following the 1.1% rise recorded in Q2. In year-on-year terms, the economy grew 2.7% in Q3, moderating significantly from the 17.5% jump recorded in Q2, although it had benefited from a very low base effect.
A notable improvement in foreign demand drove the third quarter’s reading. Exports of goods and services rose a strong 6.4% in seasonally-adjusted quarter-on-quarter terms (Q2: +0.9% s.a. qoq) thanks to a robust hospitality sector, which benefited from rising tourist inflows. Imports, meanwhile, were up a timid 0.7% in quarterly terms (Q2: +4.2% s.a. qoq), highlighting softening domestic activity.
Indeed, domestic demand weakened considerably in Q3. Private spending dropped 0.5% on a quarterly basis, swinging from the 4.7% increase logged in Q2, likely due to rising inflation and soaring energy prices eating into consumers’ pockets. Meanwhile, government consumption increased 0.1% from the prior quarter (Q2: +0.9% s.a. qoq), while fixed investment rose 1.3% as investment in tangible fixed assets, housing, and machinery and equipment rebounded (Q2: -2.2% s.a. qoq).
The INE will release a second GDP estimate for Q3 on 23 December.
Our panelists project the economy to grow 6.0% in 2022, which is unchanged from last month’s forecast, and 3.1% in 2023.
Spain - GDP per capita (USD) Data
|GDP per capita (USD)||25,923||26,618||28,241||30,364||29,776|
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|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
November 5, 2021
Industrial output expanded 1.2% year-on-year in seasonally- and calendar-adjusted terms in September, which was a deterioration from August's 1.8% increase.
November 4, 2021
The IHS Markit composite Purchasing Managers’ Index (PMI) dropped from 57.0 in September to 56.2 in October, reflecting milder growth in both the services and the manufacturing activity.
November 1, 2021
Spain’s current account balance recorded a surplus of EUR 1.0 billion in August 2021, above the EUR 0.6 billion surplus logged in August 2020 but below July 2021’s EUR 2.5 billion surplus.
October 29, 2021
The Spanish Board of Architects approved 3,253 new construction permits in August, according to data published by the Ministry of Public Works.
October 29, 2021
Retail sales recorded zero growth compared to the same month a year earlier in September, which followed August's 0.1% decrease.