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Macroeconomic outlook report: Spain

Fourth quarter of 2019

During the fourth quarter of 2019, the year-over-year growth of Spanish GDP decreased to 1.78%. In the labor market, the unemployment rate decelerated by 0.14 p.p. compared to the previous quarter, down to 13.78%. On the other hand, employment registered a year-over-year growth of 2.05% during this quarter, which was 0.28 p.p. higher than in 3Q19. In terms of prices, inflation stood at 0.44%, after a quarterly increment of 0.13 p.p. Regarding the exchange rate, the euro remained constant against the dollar in 4Q19, standing at an average rate of 1.11 $/€.

Macroeconomic overview

  • In 4Q19, the Spanish economy registered a y/y growth rate of 1.78%, after decelerating 0.15 p.p. when compared to 3Q19.
  • Despite the good performance of the external demand, domestic demand diminished GDP growth during this quarter, after a deceleration of 0.25 p.p. of its growth rate when compared to 3Q19, down to 1.27% during 4Q19.
  • The unemployment rate stood at 13.78% during the fourth quarter, after a decrease of 0.14 p.p. over the previous quarter, while the year-over-year growth rate of employment stood at 2.05% after increasing by 0.28 p.p.
  • The euro remained stable against the dollar during 4Q19 when compared to 3Q19, registering an average exchange rate of 1.11 $/€.
  • With regard to inflation, in 4Q19 CPI growth stood at 0.44%, after a quarterly increase of 0.13 p.p.

For more information, click here to access the executive document in pdf (only avalaible in Spanish).

© GMS Management Solutions, S.L., 2020. All rights reserved. The information contained on this publication is of a general nature and does not constitute a professional opinion or an advisory service. The data used in this publication come from public sources. GMS Management Solutions, SL assumes no liability for the veracity or accuracy of such data.