Spain | GDP grew 0.3% q/q in 3Q23, slightly more than expected

Summary

The economy slowed down in 3Q23 (to 0.3% quarter-on-quarter) due to sluggish external demand and despite the good performance of most domestic demand. The advance in activity occurred in a context marked by a marginal increase in both hours worked and productivity per hour.

Key points

• Key points:
• The advance estimate of the Quarterly National Accounts (QNA) suggests that the increase in GDP (0.3% quarter-on-quarter) was somewhat lower than the observed in 2Q23 (0.4% quarter-on-quarter) but slightly higher than BBVA-Research's forecast (0.2% quarter-on-quarter).
• INE's preliminary estimates indicate that, as expected, the contribution of domestic demand was responsible for the increase in activity.
• The dynamism of private consumption was greater than expected.
• Exports decrease more than BBVA-Research had expected.

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