Posted By Jessica Weisman-Pitts
Posted on October 30, 2024
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)