GDP grew 0.3% in the third quarter due to the boost from consumption and tourism

In the middle of the high season for tourism in Spain, which managed to recover pre-covid figures this year in the final stretch of the summer, the boost in household consumption maintained the GDP, which advanced by 0.3% quarterly between July and September in a clear context of stagnation in other large euro economies. The National Accounting data released this Friday by the National Institute of Statistics (INE) confirm the progress made at the end of October and place the year-on-year progress of the economy at 1.8% compared to 2% in the previous quarter.

Family demand acted as a strong boost to activity, increasing by 1.4% in relation to the previous quarter, compared to the 0.8% it had done between April and June. Regarding public spending, it maintained its dynamism and grew again by 1.3% for the second consecutive quarter.

On the contrary, and after two consecutive quarters of growth, productive investment fell by 0.6% with the activity of many companies idling due to the holidays. Something similar happened with the foreign sector, where exports and imports of goods and services deepened their decline in relation to the previous quarter: they fell by 4.1% and 2.9%, respectively.