During the fourth quarter of 2018, Spain's GDP showed a slowdown in its year-over-year growth rate with respect to the previous quarter of 0.17 p.p., standing at 2.33%. GDP lower growth was explained by the slowdown in domestic demand, which fell by 0.15 p.p. with respect to 3Q18, to 2.50%. The unemployment rate decreased by 0.10 p.p. to 14.45%, while the year-over-year growth rate of employment rose by 0.47 p.p. from the previous quarter to 2.98%. Inflation fell by 0.50 p.p. from the previous quarter, to 1.73%. With respect to the exchange rate, the euro depreciated against the dollar, with the average exchange rate at 1.14 $/€ in the fourth quarter of the year.
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