Spain | GDP grew 0.6% q/q in 4Q23 and closed 2023 with an expansion of 2.5%

Activity grew strongly in 4Q23 (0.6% q/q), despite the fall in most investment components. The improvement in activity is entirely attributable to the increase in employment, as productivity fell. All in all, GDP grew by 2.5% in 2023, slightly exceeding expectations.

Key points

• Key points:
• GDP accelerated at the end of 2023, despite headwinds.
• Domestic demand stood out, while external demand recovered.
• Consumption holds up and trade flows recover, but investment disappoints.
• Employment rose strongly and productivity fell.

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