Spain | incomplete recovery of activity in 3Q20, although better than expected

The advance of the GDP in Q3 (16.7% t/t; -8.7% y/y) exceeded expectations thanks, above all, to positive surprises in investment. Although domestic demand explained most of the growth (-16.1pp t/t; -4.2pp a/a), external demand also added up. The improvement in the hours worked was intense and productivity fell.

Key points

• Key points:
• The relaxation of restrictions culminated in a higher than expected growth in activity in 3Q20
• Both domestic and external demand contributed to the partial recovery
• All components of private demand experienced significant and higher than expected increases
• Hours worked increase more than activity, indicating somewhat worse productive performance

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