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Spain's economy grew by 0.8% between June and September, stronger than expected, according to Spain's INE national statistics institute. It comes as financial experts predict the country's economy to grow by at least 3% by the end of the year.
Gross domestic product (GDP) grew by 0.9% and 0.8% in the first and second quarters, respectively, and analysts were expecting slightly lower growth in the third quarter, around 0.6%. But the economy is maintaining its momentum, as confirmed by the data published this Monday 23 December, and Spain is consolidating its position as the main European driver, growing twice as fast as the Eurozone and well ahead of the country that held that title until now, since Germany only grew by 0.2% in the third quarter, although it is coming out of recession.
In year-on-year terms, GDP grew by no less than 3.3%, one tenth of a percentage point more than in the previous quarter and the highest growth in a year and a half. The contribution of private consumption has been fundamental in the growth, with a quarterly increase of 1.1%, as well as the boom of foreign tourism, which grew by 1.5% quarter-on-quarter (15% year-on-year). A notable advance in exports of non-tourist services, which multiplied by four its growth rate to 12.5%, also contributed. All these factors consolidate the government's growth forecast for the year as a whole at 2.7%, and it is more than likely that it will even exceed 3%, with the Bank of Spain predicting 3.1% last week.
This year's strong growth will also have a lot to do with the carry-over effect from 2023. The INE recently revised upwards its own calculations for the last three years. The agency now calculates that GDP will not grow by 2.5% in 2023, but by 2.7%. More important is the difference in 2022, with an upward adjustment of four tenths of a percentage point to 6.2%; and in 2021, with GDP growth of 6.7%, three tenths of a percentage point more than initially calculated. The INE does this every September, but before the Covid-19 pandemic the differences were not so high.
The ministry of economy pointed out the "robust and balanced" growth of the Spanish economy thanks to domestic demand and the foreign sector. They focus on the "relevant" growth of industry, especially manufacturing, which grew by 4.4% in the third quarter compared to a year earlier. "The Spanish economy continues to lead growth among the main economies of the European Union," said minister Carlos Cuerpo in a statement.
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