- The economy chains four years of growth and will close for the third consecutive year with an increase of more than 3%
- Employment maintains a high growth rate, with an annual rate of 2.9% in the third quarter
- National demand receives a strong boost and the contribution of the foreign sector is positive for the seventh consecutive quarter
- Investment, the most dynamic component, registers a growth of 5.4%, the highest rate in seven quarters
The Spanish economy registered a quarter-on-quarter growth of 0.8% in the third quarter, one tenth less than in the previous quarter, but it maintained an increase of 3.1% in the last twelve months, according to data from the National Accounts published. by the INE. Therefore, the strong momentum of economic activity continues, with an improvement in national demand, as a consequence of the good evolution of investment, while the positive contribution of the foreign sector continues. In addition, a high rate of job creation is maintained, with the sum of more than half a million jobs in the last year, which represents an increase of 2.9%.
With these results, the Spanish economy is already chaining four years of growth, after the recession that started in 2008. With the growth rate registered in the third quarter, it is more than likely that the economy closed the year with an average rate of 3, 1%, which will comply with the government's forecasts included in the 2018 Budget Plan sent to Brussels on October 16. In this way, it will be the third consecutive year in which the GDP presents an annual increase of more than 3%. Spain, which recovered the income level before the crisis the previous quarter, thus maintains a high growth differential compared to the euro area, which, according to the latest Eurostat data, has raised its GDP by 0.6% quarter-on-quarter and 2 , 5% annually in the third quarter.
The Spanish economy has internal demand as the main engine (it contributes 2.7 percentage points to annual growth), after registering an advance of four tenths compared to the previous quarter. The positive contribution of the foreign sector is also maintained for the seventh consecutive quarter, although this decreased four tenths compared to the previous quarter. Household consumption maintains its year-on-year rate at 2.4% and investment accelerates, which continues as the most dynamic component, with growth of 5.4%, the highest rate in the last seven quarters. Within investment, capital goods investment continues to be the most expansive component of national demand, rising 6.3%, 2.4 percentage points more than in the second quarter. The growth rate of construction investment increases nine tenths, to 4.9% year-on-year.
The contribution of external demand to year-on-year GDP growth is lower than in the previous quarter. This is due to an acceleration of imports (1.7 points), higher than that of exports (0.5 points). However, the latter continue to grow at rates (4.9%) higher than that of our purchases abroad (4%). Within exports, goods exports accelerated almost two points, going from 2.8% to 4.7% in the annual rate.
Employment maintained the same growth rate in the third quarter as in the previous quarter, 2.9%. This rate supposes the net creation of more than half a million jobs (501,242) in the last year. As a consequence of a year-on-year increase in GDP slightly above that of employment, productivity per employed person increased by 0.3% year-on-year in the third quarter, one tenth more than in the second, and productivity per hour worked increased by 1.4 % compared to the third quarter of 2016, rate equal to that of the previous quarter. Compensation per employee practically stabilizes, recording an interannual rate of 0.1%, compared to the 0.2% decrease in the previous quarter, so that unit labor costs decreased 0.2%, a decrease of two tenths to that of the previous quarter.