Spain: Q4 GDP records largest expansion in nearly 6 years
January 30, 2014
GDP expanded 0.3% over the previous period in seasonally-adjusted terms in Q4 according to preliminary data released by the National Statistics Office (INE) on 30 January. The increase, which matched the Bank of Spain's estimate, followed the 0.1% expansion recorded in Q3 2013. The Q4 2013 print marks the largest increase since Q1 2008.
On an annual basis, GDP declined a mild 0.1% in Q4 2013, which is an increase compared to the 1.1% drop recorded in the previous quarter. In the full year 2013, GDP declined 1.2%, which marks an improvement over the 1.6% decline tallied in 2012. More detailed data will be released on 27 February.
The government expects the economy to grow 0.7% in 2014, before accelerating to a 1.2% increase in 2015. FocusEconomics Consensus Forecast panelists are in line with the government's estimate and expect GDP to expand 0.7% in 2014, which is unchanged from last month's forecast. In 2015, panelists expect the economy to expand 1.3%.