Finance
Spain’s economy beats forecasts with 0.8% quarterly growth
Published by Jessica Weisman-Pitts
Posted on October 30, 2024
2 min readLast updated: January 29, 2026
Global Banking & Finance Review®
Company
Published by Jessica Weisman-Pitts
Posted on October 30, 2024
2 min readLast updated: January 29, 2026
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.
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.
The euro zone is a group of European Union countries that have adopted the euro as their official currency, facilitating easier trade and economic stability among member nations.
Exports are goods and services produced in one country and sold to another, contributing to the exporting country's economy and trade balance.
Tourism significantly contributes to a country's economy by generating revenue, creating jobs, and stimulating local businesses through the spending of visitors.
Explore more articles in the Finance category
