Spain’s 4Q23 GDP figure confirms 2% annual growth, 1/10 of a percentage point higher than in previous quarter

Espana Bandera Mapa

In Spain, the final 4Q GDP data brings no news and confirms the +0.6% quarter-on-quarter growth, which puts the year-on-year advance at +2%, one tenth of a point above the previous quarter. This growth was entirely supported by domestic demand, which contributed +2.1 p.p. to GDP, while foreign demand retreated one tenth of a percentage point.

In quarterly terms and analysing the data for the main demand aggregates, household final consumption expenditure grew by +0.2% quarter-on-quarter and that of public administrations by +1%. For its part, gross capital formation registered a +0.6% change. In the external sector, both exports of goods and services (+2.7%) and imports (+2.5%) recorded positive growth rates. These figures confirm that the national economy ended last year with greater dynamism.

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The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.