Published on Thursday, November 21, 2019

Spain | Moderate growth and high uncertainty at year-end

The Spanish economy could continue growing at a quarterly rate of 0.4% in 4Q19, the same as the previous two quarters. If this is confirmed, 2019 would close with an average annual increase of 2.0%, 0.4 pp less than in 2018.

Key points

  • Key points:
  • Quarterly GDP growth stabilizes at moderate levels
  • Domestic demand shows high volatility
  • The fall in services exports drags down external demand in the third quarter
  • Employment regained traction in October, but unemployment rose
  • Inflation remained stable in October and will marginally increase in November



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