Spain's economic recovery slows down with 0.3% GDP growth in third quarter

The Spanish economy slowed its recovery and grew 0.3% between July and September 2023 according to GDP data released by Spain's National Statistics Institute on Friday.  

This growth is less intense than the one registered in the first trimester of the year when it stood at 0.5% and 0.4% in the second trimester. 

The interannual variation of the Spanish GDP grew by 1.8% during the third trimester, the same record during the second quarter, and lower than the one registered between January and March, which stood at 4.2%. 

The third quarter figures continue to show a slow down and continue the trend started last quarter. This is the second time after the state of alarm, declared by Spanish authorities due to the Covid-19 pandemic, that interannual GDP has grown below 2%. 

The Spanish economy has also noticed the push given by internal demand, which grew by 1.7% in the third trimester of the year. That is mainly due to a better inversion in construction and infrastructure. 

However, the input in the GDP made by exports was only 0.2 points, which is 2.5 less than during the first trimester of the year, and 0.1 points less than the second quarter.