According to the report from the National Statistics Institute (INE), in the 3rd quarter, Spain's GDP grew by 2.6% QoQ after increasing by 1.2% in the 2nd quarter (revised from +1.1%). Economists had expected a 2.0% increase
Meanwhile, in annual terms, GDP growth was 3.4% compared to 17.7% in the previous quarter (revised from 17.5%). Economists had expected GDP to grow by 2.7% per annum.
The contribution of domestic demand to annual GDP growth was 2.5%, which is 14.9% lower than in the second quarter. On the other hand, the contribution of external demand was 0.9%, which is 0.7% higher than in the last quarter.
Employment in the economy, expressed in hours worked, increased by 0.3% over the quarter. This indicator was higher in the case of full-time jobs (3.9%, 4.0 points more than in the second quarter) due to the reduction observed in the case of part-time jobs (-3.5%).
On an annualized basis, hours worked increased by 3.3%, which is 26.3 points lower than in the second quarter of 2021. Meanwhile, unit labor costs increased by 2.3% per annum.
Gross national income and gross national disposable income increased by 3.6% and 3.9%, respectively, compared to the previous quarter. Compared to the third quarter of 2020, national income increased by 5.0%, and national disposable income increased by 4.9%.