FX.co ★ Spain Economic Growth Accelerates As Estimated

As per the final data from the National Institute of Statistics (INE), Spain's economic growth saw an improvement towards the end of the year, corroborating the initial estimates.

The Gross Domestic Product (GDP) experienced an increase of 0.6 percent from the third quarter, where the output was elevated by 0.4 percent. This growth rate aligns with the estimate published on January 30.

Year-over-year, the economic growth ascended to 2.0 percent, again matching the earlier estimation, up from 1.9 percent to the previous period.

Reviewing the various sectors, household consumption saw a moderate rise of 0.2 percent sequentially, whereas government spending ensued a more substantial uplift of 1.0 percent. Gross Capital Formation also noted an increase of 0.6 percent.

Both exports and imports of goods and services experienced an uprush, with a 2.7 percent increment in exports and a 2.5 percent increment in imports.

However, the total GDP growth for the entire year of 2023 was observed to be 2.5 percent. This rate of expansion was relatively weaker compared to the robust growth of 5.8 percent recorded in 2022.