Spanish Interannual Growth of 0.9%

The Spanish economy registered an interannual growth of 0.9% in the third quarter of 2008, nine tenths less than in the previous quarter. Data from the INE.es
- The quarter-on-quarter growth stands at –0.2%, three tenths less than the growth registered last quarter.
- The annual and quarter-on-quarter growth data coincides with that published in the Advance Estimate for the Quarterly National Accounts published last 14 November.

- National demand slows its contribution to aggregate growth by 1.4 points (from 1.5 to 0.1 points), while foreign demand increases its quarterly GDP contribution five tenths (from -0.3 to 0.8 points).
- Employment in the economy decreases at a 0.8% rate, indicating a net reduction of 145,7 thousand full-time jobs in one year.
- Unit labour costs decrease four tenths, down to 3.6%, standing two tenths above that of the GDP deflator.

Putting this into the European context, European Union GDP slowed its growth from 1.7% to 0.8%, as a consequence of the common slowdown of its main economies. Among these, of particular note are, on the one hand, Holland (from 3.0% to 1.8%) and Austria (from 2.0% to 1.5%), experienced growth above the Spanish GDP, whilst Germany (from 1.9% to 0.8%), France (from 1.2% to 0.6%), the United Kingdom (from 1.5% to 0.3%) and Italy (from -0.2% to –0.9%) experienced growth below this. In the case of the Euro zone, aggregate growth decreased from 1.4% to 0.7%.

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