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November 28, 2014

Spanish GDP grew by 0.5% in the third quarter of 2014

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Spanish GDP grew by 0.5% in the third quarter of 2014

Spanish Economy Minister Luis de Guindos expressed full confidence that the expected annual GDP growth of 1.3% for 2014 “will be fulfilled”. Consumption growth ensured that the Spanish GDP grew by 0.5% of GDP in the third quarter of this year.

National Institute of Statistics (INE) today confirmed that the Spanish economy grew by 0.5% between July and September 2014, due to increased activity in domestic demand, reflected in the annual increase in household consumption by 2.7%.

With a quarterly GDP growth in the third quarter, the Spanish economy recorded growth in the last five quarters.

According to the quarterly national accounts published by the National Institute of Statistics, the annual rate increased by 1.6%, three more than in the previous quarter tenths and, therefore, for the past four quarters can see a positive trend Spain's economy after ten consecutive quarters of annual decline.

INE said that the acceleration of annual GDP growth was mainly due to a higher contribution of domestic demand (2.5 points compared with 2.2 points in the previous quarter) and supported by the contribution of external demand with -0,9 points.

Minister of Economy and Competitiveness of Spain, Luis de Guindos said that in the absence of official data on GDP for the fourth quarter of 2014, we can already state that “compliance will be achieved” of the government forecast economic growth 1.3% this year.

De Guindos also stressed that the figures for the third quarter are “good news” and also “will be maintained for a long time.” Thus, he also said that preliminary data for the fourth quarter of 2014 indicate that this quarter will be the sixth consecutive quarter that the Spanish economy will continue to grow, thereby demonstrating “a clear change in the trend which had been experienced since 2008”.


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