Third quarter 2024. Progress
GDP in volume terms. Quarter-on-quarter evolution
Gross Domestic Product (GDP), measured in volume terms, increased by 0.8% in the third quarter compared with the previous quarter. This rate was similar to that of the second quarter of 2024.
Domestic demand contributed 0.9 points to quarter-on-quarter GDP growth. External demand, on the other hand, contributed -0.1 points.
By demand aggregates, household final consumption expenditure grew by 1.1% and that of general government by 2.2%. Gross capital formation registered a change of -0.7%.
Exports of goods and services posted a quarter-on-quarter rate of 0.9%, two tenths of a percentage point more than in the second quarter. Imports, on the other hand, recorded a change of 1.2%, six tenths of a percentage point higher than in the previous quarter.
On the supply side, all the major sectors posted positive rates in their value added, except Construction. The industrial branches grew by 0.2% quarter-on-quarter. Within them, the manufacturing industry moderated its rate by 1.5 points with respect to the previous quarter, to 0.1% growth.
Growth in services moderated by one tenth of a point to 1.1%. And the primary branches recorded a quarter-on-quarter change of 0.5%, compared with -2.8% in the previous quarter.
For its part, the gross value added of Construction fell by 1.4% quarter-on-quarter, a rate 2.0 points lower than that of the previous quarter.
GDP in volume terms. Year-on-year change
The year-on-year change in GDP was 3.4% this quarter, two tenths of a percentage point more than in the previous quarter.
Domestic demand contributed 2.7 points to year-on-year GDP growth. For its part, foreign demand contributed 0.7 points.
By aggregates, final consumption expenditure accelerated by 0.4 percentage points compared with the previous quarter, growing by 3.3% year-on-year. Household spending increased by 0.3 percentage points, at 2.8%, and that of public administrations rose by 4.7%, 0.7 percentage points more than in the previous quarter.
For its part, gross capital formation registered a change of 0.8%, 0.4 percentage points lower than in the previous quarter.
Exports of goods and services showed a year-on-year rate of 5.1%, which was 2.5 points higher than in the second quarter. Imports, on the other hand, recorded a change of 3.6%, 2.7 points higher than in the previous quarter.
On the supply side, all the main sectors of activity posted positive year-on-year rates. Thus, the gross value added of the industrial branches increased by 4.1%, and within these, the manufacturing industry increased by 4.6%.
The gross value added of Construction grew by 2.4% with respect to the third quarter of 2023; that of Services, by 3.6%; and that of the primary branches, by 7.5%.
GDP at current prices, implicit deflator and incomes
GDP at current prices increased by 6.7% year-on-year, two tenths of a percentage point more than in the previous quarter. In quarter-on-quarter terms, it increased by 1.2%.
The GDP deflator grew by 3.2% year-on-year, a rate similar to that of the previous quarter. At a quarter-on-quarter rate, its increase was 0.4%.
On the income side, compensation of employees grew by 7.2% year-on-year, with increases of 2.4% in the number of full-time equivalent positions of employees and 4.6% in the average compensation per full-time equivalent position. At quarter-on-quarter rates, total compensation increased by 1.7% and the number of full-time equivalent employee jobs by 1.1%. Average compensation grew by 0.6%.
Gross operating surplus/gross mixed income increased by 6.0% year-on-year, 0.7 percentage points less than in the second quarter. On a quarter-on-quarter basis, the surplus grew by 0.1%.
Finally, the amount accrued in taxes on production and imports net of subsidies grew by 7.0% year-on-year, compared with 0.3% in the previous quarter. On a quarter-on-quarter basis it increased by 3.6%.
Employment and productivity
The number of hours actually worked increased by 0.9% year-on-year this quarter, 1.4 percentage points less than in the previous quarter. In quarter-on-quarter terms, it changed by 0.2%.
Full-time equivalent jobs increased by 1.9% year-on-year, two tenths of a percentage point less than in the previous quarter. In quarter-on-quarter terms, the change was 0.9%.
Productivity per full-time equivalent job recorded a year-on-year rate of 1.4% this quarter, and productivity per hour actually worked was 2.5%. In quarter-on-quarter terms, these rates were 0.0% and 0.7%, respectively.
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