- Spain maintains a higher growth than the euro zone, which expanded 0.2% from July to September
- The contribution of national demand is increased to 1.8%, with a greater contribution of its main components
- Gross national income and gross disposable national income grew 3.4% over the same period last year
- The household savings rate stands at 6.4%, eliminating seasonal and calendar effects
The Gross Domestic Product (GDP) of the Spanish economy has registered a quarter-on-quarter growth of 0.4% in the third quarter of the year, according to data published by the National Statistics Institute (INE). In this way, Spain chains 24 quarters of uninterrupted economic growth.
It also continues to maintain a growth above the average for the euro zone. In inter-quarterly terms, the growth of the Spanish economy doubled that registered in the Eurozone (0.4% versus 0.2%). In year-on-year terms, GDP grew 1.9%, a rate higher by seven tenths than the one registered in the euro zone, which stood at 1.2%.
The contribution of national demand increases in the third quarter and contributes 1.8 points to the annual growth of GDP, with a greater contribution of its main components. Final consumption expenditure increased 1.6% compared to the same quarter of 2018 and gross capital formation grew 2.8% year-on-year.
In the third quarter, external demand contributed 0.1 points to GDP growth, as a result of an acceleration of exports of goods and services, which registered a year-on-year increase of 3%, and an increase in imports of 3.1 %.
INE data shows that in the third quarter employment grew 0.1% quarter-on-quarter and 1.8% year-on-year. This increase has allowed the creation of 332,000 full-time equivalent jobs in the last year. The remuneration of employees increases 4.5% year-on-year as a result of the 2.3% increase in the number of employees and an increase of 2.2% in the average salary per employee.
Quarterly non-financial accounts of the institutional sectors
The INE has also published the non-financial quarterly accounts of the institutional sectors. According to these data, the Spanish economy registered a financing capacity against the rest of the world of 8,061 million euros in the third quarter of 2019, according to data published today by the INE. If seasonal and calendar effects are eliminated, the financing capacity of the Spanish economy stands at 1.7% of GDP.
Gross national income increased 3.4% over the same period last year, standing at 305,519 million euros. Also, the gross national disposable income reached 301,960 million euros, with a growth of 3.4% year-on-year.
The household savings rate stands at 6.4% of its gross disposable income in the third quarter, with corrected series of seasonal and calendar effects.
