Spain GDP Growth Holds Steady at 3-Year Low
Spain's economy expanded 0.4 percent on quarter in the three months to September 2019, unchanged from the previous period's three-year low and in line with market expectations, a preliminary estimate showed.
10/31/2019 8:34:14 AM
Household consumption surged 1.1 percent in the third quarter, after being unchanged in the previous period; and fixed investment jumped 1.3 percent, recovering from a 0.2 percent contraction., boosted by investment in machinery, equipment, weapon system and biological resources (7.0 percent vs -1.7 percent) and intellectual property products (1.4 percent vs 0.9 percent), while investment in housing, other buildings and constructions slumped (-2.6 percent vs 0.5 percent). In addition, government spending increased 0.9 percent, faster than 0.4 percent in the second quarter.
Meanwhile, net external demand contributed negatively to the GDP growth as exports fell 0.8 percent (vs 1.7 percent in Q2) and imports rose 1.3 percent (vs 0.9 percent in Q2).
On an annual basis the economy grew 2.0 percent, the same as in the previous quarter, and above forecasts of 1.9 percent.