Link| According to the final reading of the data, released by the National Statistics Institute (INE), Spain’s Gross Domestic Product (GDP) grew by 0.3% in 3Q2023 compared to the previous quarter, in line with its preliminary estimate and with the expectations of FactSet’s consensus analysts. In 2Q2023 GDP expanded 0.4% quarter-on-quarter. That of 3Q2023 is the lowest quarter-on-quarter growth rate achieved by Spanish GDP since 1Q2022.
In 3Q2023, gross fixed investment declined by 0.6% (1.8% in 2Q2023). Meanwhile, net external demand exerted a negative impact on GDP, with exports declining faster (-4.1% vs -3.0% in 2Q2023) than imports (-2.9% vs -2.1% in 2Q2023), mainly due to the weakness of the Eurozone economy.
Meanwhile, private consumption rose by 1.4% (0.8% in 2Q2023) and public spending by 1.3% (1.3% in 2Q2023). On a year-on-year basis, Spain’s GDP increased by 1.8% in 3Q2023 (2.0% in 2Q2023), a reading that was also in line with the preliminary estimate and with what the analysts’ consensus expected.
