Spanish GDP growth slows to 0.2%

The Spanish economy grew by 0.2% in the third quarter of 2022, according to provisional statistics released on Friday by the National Statistics Institute.

The rate confirms a slowdown in the economy, as it was 1.3 points below the figure registered in the second quarter of the year (1.5%).

The year-on-year variation of Spain's GDP stood at 3.8%, compared to 6.8% in the second quarter.

According to the National Statistics Institute, the slowdown is marked by the "significant distortions" caused by the war in Ukraine.

Provisional data show that compared to the previous quarter, spending by households (1.1%) and public administrations (0.6%) both increased.

By sector, services grew (0.7%), driven by commerce, transport, and hospitality; while agriculture (+0.2%) and industry (+0.1%) also saw very slight increases. On the other hand, construction fell (-0.1%).

Compared with last year, however, household spending dropped by 1.5%. 

Regarding exports, external demand for products from Spain grew by 18% compared to the third quarter of the previous year - 5.1 points less than in the second quarter. Exports of goods grew, but exports of services fell.

9.3% unemployment rate

On Thursday, new figures from Spain's labor force survey were published, showing the unemployment rate in Catalonia standing at 9.31%. 

The third quarter of 2022 saw the number of unemployed workers in Catalonia rise by 4,700 to a total of 365,200 people.