News Info News

This news article was originally written in Spanish. It has been automatically translated for your convenience. Reasonable efforts have been made to provide an accurate translation, however, no automated translation is perfect nor is it intended to replace a human translator. The original article in Spanish can be viewed at El PIB modera su caída en un 0,3% entre julio y septiembre

GDP moderates his fall by 0.3% between July and September

19/11/2009
514

November 19, 2009

The gross domestic product (GDP) moderated to 0.3% quarterly fall between July and September due to the minor deterioration in this period were both consumption and investment, which did not prevent the loss of 7.2 per cent of employment in a year, with 1.360.000 less jobs.

As stated by the National Institute of statistics in the national accounts of the third quarter, confirming that the annual fall of the economy was 4%.

Domestic demand has been continued minus growth, although less (6.5 points compared to the second trimester 7.4), because consumption has slowed its decline due to a "perception of negative lower economy by families", and also has fallen less investment.

Meanwhile, the activity of the various sectors also reduced its descent, and thus in industry declined 14.5% (1.3 points less), construction continued falling 6.6 per cent and in services its weakening stabilized at 1.3%.

This data of the INE differs from one tenth of the calculated by the Bank of Spain, expected a quarterly decline of 0.4 per cent and an annual decline of 4.1%.

The quarterly GDP data shows a less severe economic slowdown of the Spanish economy in comparison with the second quarter of the year, when GDP contracted by 1.1%.

For its part, the annual rate of GDP in the third quarter (- 4%) improved two-tenths compared with that recorded in the previous quarter (- 4.2%).