Business · Economy · 14 hrs ago
Spain’s economy grew 2.7% year on year in the third quarter
Spain’s economy grew 0.6% over the summer, compared with the previous three months.
That left gross domestic product 2.7% higher than in the same quarter a year earlier.
Household spending and domestic demand drove most of the growth, while exports contributed little overall.
Public spending rose 0.9% from the spring, as Spain accelerated work on its European recovery plan, which was due to be completed on September 1.
Industry grew, but construction was flat, and investment remains a constraint on the economy.
Inflation reached 4.9% in October, mainly because fuel prices rose, which could reduce households’ ability to spend if prices stay high.
Spain’s gross domestic product grew 2.7% year on year in the third quarter, according to figures published by the National Statistics Institute.
The economy expanded 0.6% from the previous quarter, one tenth of a percentage point slower than in spring.
Domestic consumption and demand accounted for nearly all the growth, while external demand contributed little.
Public spending rose 0.9%