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Spain’s economy beats forecasts with 0.8% quarterly growth
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MADRID (Reuters) -The Spanish economy grew at a faster-than-expected rate in the third quarter to again outpace its European peers thanks to a strong tourism season and exports, preliminary data showed on Wednesday.
Spain’s gross domestic product grew 0.8% in the third quarter from the previous three months, the same pace of expansion as in the second quarter, the National Statistics Institute (INE) said. Year-on-year it grew 3.4%, an acceleration from the 3.2% registered in the previous three months.
Analysts polled by Reuters had expected GDP to grow 0.6% quarter-on-quarter and 3.0% year-on-year.
“Today’s data show how strong and balanced the Spanish economy is,” Economy Minister Carlos Cuerpo said. The government expects a 2.7% expansion this year.
The Spanish economy’s strength contrasts with other large economies in the euro zone.
GDP in the 20 countries sharing the euro grew by 0.4% in the third quarter from the previous three months, beating expectations for 0.2%, but at half the pace of Spanish growth, Eurostat data showed on Wednesday.
While Germany and France performed marginally better than expected, posting growth of 0.2% and 0.4%, respectively, Italy’s GDP stagnated in the quarter.
(Reporting by Tiago Brandao and Inti Landauro, editing by Andrei Khalip and Jan Harvey)
Economic growth refers to an increase in the production of goods and services in an economy over a period of time, typically measured as the percentage increase in real GDP.
European economies refer to the economic systems and financial markets of the countries within Europe, which can vary widely in terms of size, structure, and performance.
A preliminary data report provides initial statistics and findings that are subject to further verification and analysis, often used to gauge early trends in economic performance.
Year-on-year growth compares the performance of an economic indicator, such as GDP, from one year to the same period in the previous year, providing insights into long-term trends.
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