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Macroeconomic outlook report: Spain

Third quarter of 2019

During the third quarter of 2019, the year-over-year growth of Spanish GDP decreased by 0.07 p.p. to 1.96%. In the labor market, the unemployment rate decreased by 0.10 p.p. compared to the previous quarter, to 13.92%. On the other hand, employment registered a year-over-year growth of 1.77% during this quarter, 0.61 p.p. lower than in 2Q19. In terms of prices, inflation stood at 0.30%, after a quarterly decline of 0.60 p.p. Regarding the exchange rate, the euro appreciated against the dollar in 3Q19, standing at an average rate of 1.11 $/€.

Macroeconomic overview

  • In 3Q19, the Spanish economy registered a y/y growth rate of 1.96%, which meant a deceleration of 0.07 p.p. compared to 2Q19.
  • Despite the good performance of the domestic demand, external demand explained GDP performance during this quarter, after a reduction of 0.84 p.p. of its growth rate when compared to 2Q19.
  • The unemployment rate stood at 13.92% during the third quarter, after a decrease of 0.10 p.p. over the previous quarter, while the year-over-year growth rate of employment stood at 1.77% after declining by 0.61 p.p.
  • The euro appreciated against the dollar during 3Q19 by 0.02 $/€ when compared to 2Q19, achieving an average exchange rate of 1.11 $/€.
  • With regard to inflation, in 3Q19 CPI growth stood at 0.30%, after a quarterly decline of 0.60 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.