Spanish economic growth eases in Q3, below market forecast

Country's GDP rises 0.2% quarter-on-quarter in July-September, slowing from 1.5% hike in previous 3-month period

By Tuba Sahin

ANKARA (AA) - Spain's economic growth slowed in the third quarter of 2022, according to flash estimates released on Friday.

The gross domestic product (GDP) rose 0.2% in the July-September period, easing from a 1.5% hike in the previous quarter, the National Statistics Institute (INE) said.

The figure was below the market estimate of a 0.3% increase.

On an annual basis, the country's economy grew 3.8% in the third quarter, down from the second quarter's strong growth of 6.8%.

Separate INSEE flash data showed that Spain's annual consumer inflation rate stood at 7.3% in October, down from 8.9% in September.

"This development is mainly due to the decrease in electricity prices," it said in a statement.

Consumer prices rose at the slowest rate since the beginning of this year, dropping for the third month after hitting the 38-year high of 10.8% in July.

On a monthly basis, the Consumer Prices Index fell by 0.4% month-on-month in October.

Kaynak:

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