He Spain's Gross Domestic Product (GDP) grew by 2% year-on-year in the fourth quarter of 2023, as published by the National Institute of Statistics (INE). Growth matched that of the third quarter, which has been revised upward from 1.8% to 2%. The result is in line with market expectations.
According to the INE statement, “National demand contributed 2.1 points to the year-on-year GDP growth. For its part, external demand contributed -0.1 points. In aggregate, final consumption spending accelerated 1.2 points compared to the previous quarter by growing 2.8% year-on-year. That of households increased by 2.3%, a rate 1.9 points higher than the previous quarter, and that of Public Administrations increased 4.1%, six tenths less than in the previous quarter. For its part, training “gross capital recorded a variation of -0.1%, one point lower than the previous quarter.”
TO quarter-on-quarter level, the period from October to December 2023 recorded economic growth of 0.6%, as planned. Third quarter GDP has also been revised upwards, rising to 0.6% from 0.3% previously.
Euro reaction
The single currency has not reacted to the Spanish data. Prior to the release, EUR/USD hit a two-day high of 1.0852. At the time of writing, the pair is trading above 1.0842, gaining a slight 0.04% daily.
Source: Fx Street
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