Bankinter: 3Q 2023 GDP (final) is revised down one tenth of a percentage point (year-on-year) with respect to the preliminary figure, unchanged quarter-on-quarter. 0.4% (year-on-year) versus -0.3% preliminary and versus +0.0% previously. In the quarter-on-quarter comparison, -0.1% same as preliminary and against +0.1% previously.
Assessment: In year-on-year terms GDP is revised down by one tenth of a percentage point. This means a return to negative year-on-year growth rates after +0.0% in 2Q2023 and -0.2% in 1Q2023. On a quarter-on-quarter basis, growth is in negative territory after a 2Q2023 of +0.1% and a 1Q2023 of +0.0%. If 4Q2023 were to move into negative territory it would put the economy into “technical recession”.
