Spain | GDP grew 0,1% q/q in 3Q22, despite headwinds

Summary

The economy slowed somewhat less than expected (to 0,1% q/q), largely due to the resilience of private consumption and exports, as well as to a smaller-than-expected deterioration in investment. In this context, total hours worked declined marginally and hourly productivity increased.

Key points

• Key points:
• Recovery lost traction at the start of the second half of the year.
• Domestic demand offset the sluggishness of net external demand.
• Despite headwinds, private consumption and exports held up.
• Hours worked declined and hourly productivity rose.

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