He National Institute of Statistics (INE) has released the data of the Gross Domestic Product (GDP) for the third quarter of the year, which show a growth of 0.8% between the months of July and September. Thus, if the general calculation for this year 2024 is taken into account, the forecasts speak of reaching January 2025 in better conditions than last year.
The scenarios planned and announced by the Minister of Economy, Commerce and Business, Carlos Body, who already in September announced economic growth despite inflation (CPI), are improved. The intention was that, following the guidelines set by Europe, GDP growth would be 3% this year and a closing rate of 3.1% is already expected.
Quarterly National Accounts of Spain. Third quarter 2024 @es_INE
The interannual variation of #GDP was 3.3%, compared to 3.2% in the previous quarter. National demand contributed 2.8 points and external demand contributed 0.5 points
Press release
👇https://t.co/KObdk981Lr… pic.twitter.com/YLrooSDbWB— INE Spain (@es_INE) December 23, 2024
GDP rises 0.8%
The INE data for this last quarter of the year are similar to those of the previous quarter. In this sense, it has increased by 0.8% in terms of volume. National demand has added 1 point to the quarterly GDP growth, and for its part, external demand decreased by 0.2 points.
He Household consumption has increased by 3% so they contribute more to quarterly growth. On the other hand, there is a downward trend in exports with a variation of 4.3%.
We close 2024 with good economic news:
GDP grows 0.8% in Q3 and accelerates its pace to 3.3% year-on-year. They stand out:
🏘️Household consumption
🌍Exports
⚙️Productivity
🏭 Industry🇪🇸Spain continues to lead growth in the EU.
Happy holidays! pic.twitter.com/YUYVSmDkmc
— Carlos Body (@carlos_cuerpo) December 23, 2024
In the large sectors that ‘pull’ employment and the economy, there have also been good data, such as that seen in the industrial branches. Although in construction there has been a decadent line.
In the primaries, there has been a quarter-on-quarter variation of 1.1%, compared to -2.6% last quarter.
Carlos Body: “it is the highest growth in the last year and a half”
He Ministry of Economy, Commerce and Business has issued a statement in which the person in charge of the portfolio, Carlos Corpo, points out that “The Spanish economy maintains the highest growth rate of the last year and a half.”
The growth in household consumption, which has risen by 3%, and that of families stands out. In addition, productivity per hour worked is improved by 2.5%. The INE indicates that final consumption spending in households has increased by 1.1% and that of administrations by 2.2% and gross capital formation has changed by 0.7%.
Hours worked have changed by 0.9% year-on-year, and employment in terms of full-time occupation, by 1.9% compared to 2.3% and 2.1% in the previous quarter.
“It is a balanced and robust growth, which is positively helped by both internal demand and the external sector.”