Spanish economic growth eases in Q3, below market forecast

ANKARA

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.