Spain's quarterly economic growth was revised lower to 16.4 percent in the third quarter of 2020, from a preliminary estimate of 16.7 percent. Still, that was the steepest pace of expansion since comparable records began in 1995, following a record contraction of 17.9 percent in the previous period, as demand and activity recovered following the relaxation of restrictive measures during Summer. Household consumption surged 20.8 percent (vs -20.7 percent in Q2) and fixed investment jumped 21.7 percent (vs -20.6 percent in Q2). In addition, public spending rose 1.2 percent (vs 0.3 percent in Q2) and net external demand contributed positively to the GDP as exports increased more than imports. Year-on-year, the GDP shrank 9.0 percent, compared to a record 21.6 percent contraction in the previous period. source: National Statistics Institute (INE)
GDP Growth Rate in Spain averaged 0.45 percent from 1995 until 2020, reaching an all time high of 16.40 percent in the third quarter of 2020 and a record low of -17.90 percent in the second quarter of 2020. This page provides the latest reported value for - Spain GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Spain GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on January of 2021.
GDP Growth Rate in Spain is expected to be -3.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Spain to stand at 2.50 in 12 months time. In the long-term, the Spain GDP Growth Rate is projected to trend around 1.50 percent in 2021 and 0.70 percent in 2022, according to our econometric models.