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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