National Accounts

National Accounts latest publications

April 30, 2019

Spain | GDP growth climbed 0.7% in 1Q, in line with expectations

The Spanish economy grew by 0.7% QoQ (2.4% YoY) in 1Q19. According to INE (Instituto Nacional de Estadística — Spanish National Statistics Institute), domestic demand accounted for much of this growth (0.5 pp QoQ/2.2 pp YoY) thanks to the stability of consumption and the recovery of investment. External demand also grew (0.…

January 31, 2019

Spain | GDP Growth Climbed to 0.7% in 4Q, in Line with Expectations

The Spanish economy grew by 0.7% QoQ (2.4% YoY) in 4Q18. This growth was, in large part, due to domestic demand (0.4 pp QoQ; 2.7 pp YoY) as a result of the boost in national consumption, while external demand regained some traction (0.3 pp QoQ; -0.3 pp YoY) after its disappointing performance during the first nine months of…

October 31, 2018

Spain | GDP growth remained at 0.6% during Q3, below expectations

The Spanish economy grew 0.6% QoQ (2.5% YoY) in Q3. Domestic demand explained the entire advance (0.8 pp QoQ; 3.0 pp YoY), thanks to the gain in traction of consumption and investment. On the other hand, the contribution of external demand was negative (-0.2 pp QoQ; -0.5 pp YoY), as trade flows overall fell back again.

July 31, 2018

Spain | GDP grew 0.6% in 2Q18, less than that expected and that observed in 1Q18

The Spanish economy slowed by 0.1% to 0.6% QoQ in Q2. Domestic demand accounted for the entire advance, although some items such as private consumption disappointed. The contribution of external demand was negative, as trade flows declined overall. Despite this, investment in machinery recovered traction

April 27, 2018

Spain | GDP growth stabilised in 1Q18 according to the progress indicator

The Spanish economy grew 0.7% QoQ (2.9% YoY) in 1Q18, supported by domestic demand. Although this increase in business activity is slightly less than expected in real time (0.8% QoQ), it is consistent with the BBVA Research scenario, which envisages an average increase in GDP of 2.9% by 2018

March 1, 2018

Spain | GDP rose by 0.7% in 4Q17, despite the uncertainty

The economy slowed by 0.1 pp to 0.7% QoQ in 4Q17. Domestic demand slowed, but still accounted for most of the growth (0.6 pp). The contribution of external demand was marginal, as trade flows unexpectedly prolonged their sluggishness. In this regard, the consumption of non-residents was negatively highlighted, with a greate…

November 30, 2017

España | La Contabilidad Nacional corrobora la continuidad del crecimiento en 3T17

La economía española se desaceleró 0,1pp hasta el 0,8% t/t en el 3T17. La demanda doméstica explicó la totalidad del crecimiento, mientras que la demanda externa neta se estancó. A pesar de que los flujos comerciales prolongaron su atonía, la inversión se recuperó. Esto último, junto a la estabilidad del consumo privado sup…

August 24, 2017

España | La Contabilidad Nacional corrobora la aceleración del crecimiento en 2T17

La economía española se aceleró 0,1pp hasta el 0,9% t/t en el 2T17. Tanto la demanda doméstica como la externa neta contribuyeron al crecimiento. A pesar de que los flujos comerciales y los de inversión se desaceleraron, el ritmo de avance fue saludable. Esto último, junto a la ganancia de tracción del consumo privado supon…