Spain: GDP emerges from recession in Q3
October 30, 2013
In the third quarter, GDP expanded 0.1% over the previous period in seasonally-adjusted terms, according to preliminary data released by the National Statistics Office (INE) on 30 October. The print, which matched the Bank of Spain's estimate, contrasted the 0.1% decline recorded in the second quarter. The Q3 increase marks the first expansion in total output since Q1 2011.
On an annual basis, GDP declined 1.2% in the third quarter, an improvement over the 1.6% drop recorded in the second quarter. More detailed data will be released on 28 November.
The government expects the economy to contract 1.3% this year and to grow 0.7% in 2014. FocusEconomics Consensus Forecast panelists are slightly more pessimistic and expect GDP to contract 1.4% in 2013, which is unchanged from last month's forecast. In 2014, panelists expect the economy to expand 0.6%, which is up 0.1 percentage points over the previous month's estimate.