Spain’s economy grew by 0.8% in the third quarter, the same as in the previous quarter, with year-on-year growth accelerating by two-tenths to 3.4%, according to preliminary data from the National Institute of Statistics (INE). ).
Spain’s economic growth was mainly due to public spending increasing at a quarter-on-quarter rate of 2.2%, 1.6 percentage points higher than the previous quarter, and household consumption increasing by a tenth at 1.1%.
In the third quarter of this year, domestic demand contributed 2.7 percentage points to year-on-year GDP growth, while external demand contributed seven-tenths.
Meanwhile, the Consumer Price Index (CPI) in October rose by 0.6% month-on-month, increasing by three-tenths compared to the same month last year to reach 1.8%, according to data released by INE this Wednesday. .
The agency explained that the increase in CPI to 1.8% was due to an increase in fuel prices compared to the decline in October 2023 and, to a lesser extent, an increase in electricity and gas prices.
INE includes estimates of core inflation (excluding raw food and energy products) in advance CPI data, and core inflation in October rose by one-tenth to 2.5% overall, higher than general inflation. exceeded by 7/10.
Spain’s economy grows 3.4% year-on-year in Q3 2024 due to public spending
According to data provided by INE, the Spanish economy grew by 0.8% in the third quarter, the same as in the previous quarter, with year-on-year growth accelerating by two-tenths to up to 3.4%.
Spain’s economic growth was primarily due to public spending increasing at a quarterly rate of 2.2%, 1.6 percentage points higher than in the previous quarter, and household consumption increasing by 1.1%. 10th time left.
In the third quarter of this year, domestic demand contributed 2.7 percentage points to year-on-year GDP growth, while external demand contributed seven-tenths.
Meanwhile, data released by the National Institute for Statistics (INE) on Wednesday this week showed that the Consumer Price Index (CPI) in October rose by 0.6% month-on-month, increasing the annualized rate by three-tenths to 1.8%. . .
The group said the increase in CPI to 1.8% was due to higher fuel prices compared to the decline in October 2023 and, to a lesser extent, higher prices for electricity and gas.
INE includes an estimate of potential inflation (excluding raw food and energy products) in its preview of CPI data, which rose to 2.5% in October, one-tenth above general inflation.
