Spain's Q3 GDP grows by 0.6%

Spain’s Q3 GDP grows by 0.6%

According to the National Statistics Institute (INE), Spain's GDP (Gross Domestic Product) grew by 0.6% in the third quarter compared to second quarter and by 2.6% compared to the same period of last year. This growth rate was in line with the Bank of Spain's estimates. INE said that domestic demand contributed 4.6 percentage points to GDP growth in the third quarter. At the same time, labour costs declined by 3.2% in the mentioned period from a year earlier. INE added that employment grew at an annual rate of 2.1%. Separately, in the third quarter, exports of goods and services rose by 4.2% from a year earlier while imports of goods and services showed a rise of 9.1%.