Bankinter: 3Q GDP (final) grows 3.3% year-on-year (versus 3.4% year-on-year preliminary and 3.2% previous),while in quarter-on-quarter terms confirms 0.8% quarter-on-quarter preliminary (and 0.8% previous). Link to the document.
Analysis team’s view: Our estimates for the year anticipate 3.1% year-on-year growth, following the strength confirmed in the first 9M of the year (with a slight year-on-year change in Q3, but maintaining 0.8% quarter-on-quarter and projecting 2.2% year-on-year for 2025.
We estimate a moderation in 4Q24, with the added difficulty of the impact of the DANA, the high-altitude isolated depression which caused flash floods in the Valencia region and others. Manufacturing and Services PMIs fell in November (to 53.1 both, from 54.5 and 54.9 respectively), but remain broadly in the expansionary zone.
