The Spanish economy maintained its growth in the third quarter of the year, recording a 0.8% increase in gross domestic product (GDP), according to progress data published by the National Institute of Statistics (INE). This increase places the interannual growth rate at 3.4%, the highest in the last 18 months.
As for the inflation, The consumer price index (CPI) stood at 1.8% in Octoberbelow the European Central Bank’s (ECB) 2% benchmark, although three-tenths above September’s record. For its part, the underlying rate, which excludes energy and fresh products, remained at 2.5%.
The increase in GDP was largely supported by private consumption, which experienced an Growth of 2.8% in interannual rate. This behavior is explained, in part, by the improvement in the purchasing power of workers, which increased by more than one point last year.
He foreign sector also played a leading role in growth, with a 5.1% increase in exports and a significant advance in exports of non-tourism serviceswhose annual growth rate reaches 12.5%.
THE productivity per hour worked In Spain it also recorded a positive development, with an increase of 2.5% last year. All branches of activity contributed to economic growth, with a particularly significant contribution from the manufacturing industry.
“Spain continues to make the highest economic growth among developed economies compatible with inflation that has moderated considerably in recent months,” he celebrated. Carlos’ bodyMinister of the Economy. According to him, this means that “the excellent macroeconomic data is already transferred to the daily microeconomic situation of our families and businesses.”
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