Spain | GDP grew 0.8% q/q in 3Q24, same as in 2Q24.

Summary

Activity returned to strong growth in the third quarter (0.8% YoY), driven by domestic demand. Consumption offset the sluggishness of investment and net external demand, which made a negative contribution to growth. GDP growth was driven by productivity, as hours worked grew by only 0.2%.

Key points

• Key points:
• The economy maintained a high growth rate in the third quarter.
• Domestic demand surprised positively.
• Consumption offset sluggish investment.
• Trade flows grew at a steady pace.
• GDP growth was supported mainly by productivity per hour worked.

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