Spanish GDP registered a variation of 2.0% in the third quarter of 2021

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%.