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img_publication Observatorio

Spain | The national economy is growing and it is avoiding the effect of uncertainty in Q4

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Despite the increase of uncertainty related to the political environment in Catalonia, the economy continues to grow in the fourth quarter of the year. It is estimated that quarterly GDP growth (QoQ) could stand between 0.8% and 0.9%. If this estimate materialises, the year, as a whole, would close with an average annual growth rate in the interval of 3.1% and 3.2%.


  • Consumption and investment in machinery and equipment are driving domestic demand
  • Exports gained traction at year-end
  • The labour market maintained its momentum throughout the quarter
  • Inflation increased in November, but only transitorily
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