The Spanish economy grew by 0.8% in the third quarter, the same as in the previous quarter, and accelerated its year-on-year growth by two-tenths, reaching 3.4%, according to preliminary data from the National Institute of Statistics (INE).
The growth of the Spanish economy is mainly due to public spending, which increased at a quarterly rate of 2.2%, a rate 1.6 points higher than the previous quarter, and to household consumption, which rose by 1.1%, one-tenth more.
In the third quarter of the year, domestic demand contributed 2.7 points to the year-on-year GDP growth, while external demand contributed seven-tenths.
On the other hand, the Consumer Price Index (CPI) rose by 0.6% in October compared to the previous month and increased its year-on-year rate by three-tenths, reaching 1.8%, according to data released this Wednesday by the INE.
The agency explained that the rise in the CPI to 1.8% is due to the increase in fuel prices and, to a lesser extent, to the rise in electricity and gas prices, compared to the decrease experienced in October 2023.
The INE includes in the CPI data advance an estimate of core inflation (excluding unprocessed food and energy products), which in October rose by one-tenth to 2.5%, seven-tenths above the general rate.
