According to the advance published by the INE, the Gross Domestic Product (GDP) generated by the Spanish economy, measured in chained volume terms with reference to 2015, registered a quarter-on-quarter variation of 2.0% in the third quarter of 2021. This rate is nine tenths of a percentage point higher than that estimated for the second quarter.
Main results of the report
- Spanish GDP registered a variation of 2.0% in the third quarter of 2021 with respect to the previous quarter in volume terms. This rate is nine tenths higher than that recorded in the second quarter.
- The year-on-year change in GDP stands at 2.7%, compared to 17.5% in the previous quarter.
- The contribution of domestic demand to year-on-year GDP growth was 1.5 points, 15.8 points lower than in the second quarter. External demand contributed 1.2 points, one point higher than in the previous quarter.
- The implicit GDP deflator increased by 1.5% with respect to the same quarter of 2020, four tenths of a point more than in the previous quarter.
- The economy’s employment, in terms of hours worked, registered a quarter-on-quarter variation of 0.3%. This rate is of greater magnitude in the case of full-time equivalent jobs (4.0%, which is four points higher than in the second quarter), due to the reduction observed in average full-time hours (-3.5%).
- On a year-on-year basis, hours worked grew by 3.3%, a rate 26.2 points lower than in the second quarter of 2021, and full-time equivalent jobs grew by 6.2%, 12.7 points less than in the second quarter, representing an increase of 1,069 thousand full-time equivalent jobs in one year.
- The year-on-year change in unit labor cost this quarter was 3.0%.
Gross domestic product
Chained volume. Quarter-on-quarter rate of change (%)