Spain GDP Grows 0.6% in Third Quarter: Annual Rate Rises to 2.7% as Domestic Demand Contributes 2.6 Points
Spain's National Statistics Institute (INE) published its advance quarterly national accounts for the third quarter on October 30: gross domestic product (GDP) rose 0.6% from the previous quarter in volume terms, one tenth below the second quarter's 0.7%, a pace that slowed only slightly.
From a year earlier, GDP grew 2.7%, one tenth faster than the 2.6% recorded in the second quarter. The breakdown was clear: domestic demand contributed 2.6 percentage points to the annual growth rate, while external demand contributed almost nothing, leaving growth almost entirely carried by demand at home.
On the quarterly split, domestic demand added 0.5 points and external demand 0.1 points. Household final consumption spending rose 0.6% on the quarter, general government consumption rose 0.9%, and gross capital formation edged up just 0.1%.
Exports of goods and services rose 1.3% from the second quarter, two tenths faster than in the previous period, while imports rose 1.1%, a rate 1.1 points lower than the quarter before.
On the supply side, every major sector except construction posted positive quarterly growth in value added: industry rose 0.7%, with manufacturing up 0.4%; services rose 0.7%, at a similar pace to the previous quarter; primary branches rose 1.5%; and construction value added was close to flat, eight tenths below its second-quarter rate.
At current prices, GDP grew 5.9% year on year, four tenths more than in the second quarter, and 1.7% on the quarter. The GDP deflator rose 3.1% from a year earlier, three tenths above the previous quarter's rate.
On employment, hours actually worked rose 2.2% year on year, while full-time equivalent jobs rose 1.6% from a year earlier and 0.2% on the quarter. Productivity per full-time equivalent job rose 1.1% year on year, and compensation of employees rose 6.3%.
The INE noted that the advance estimate is built mostly on indicators available through the second month of the quarter, supplemented by advance results, estimates and other sources, in line with Eurostat recommendations; all figures are seasonally and calendar adjusted. The full release is available from the INE advance quarterly national accounts, third quarter 2026.
Eurostat figures released the same day put euro area GDP growth at 0.4% on the quarter and 1.3% year on year, leaving Spain's annual pace well above the bloc's average, even as Spain's flash inflation for October held at a high 4.9%.
Related: Euro Area GDP Grows 0.4% in Third Quarter, Beating Forecasts
Related: Spain Flash Inflation Holds at 4.9% in October: Core Rate Steady at 3.1%
Source: GSM · USA (original Chinese edition)
Photo: 图：Madrid 四塔商务区（Cuatro Torres）与雪山天际线（资料图）。LBM1948 摄，CC BY-SA 4.0，经 Wikimedia Commons。 / The Cuatro Torres business district in Madrid against the snow-capped Sierra (file photo). Photo by LBM1948, CC BY-SA 4.0, via Wikimedia Commons.
