Third quarter 2024. Preview
GDP in volume. Quarterly evolution
The Gross Domestic Product (GDP), measured in terms of volume, increased 0.8% in the third quarter compared to the previous quarter. This rate was similar to that of the second quarter of 2024.
National demand contributed 0.9 points to quarter-on-quarter GDP growth. For its part, external demand contributed -0.1 points.
By demand aggregates, household final consumption spending grew by 1.1% and that of Public Administrations by 2.2%. For its part, gross capital formation registered a variation of -0.7%.
Exports of goods and services presented a quarter-on-quarter rate of 0.9%, which was two tenths more than in the second quarter. For their part, imports registered a variation of 1.2%, with an increase of six tenths compared to the previous quarter.
On the supply side, all major sectors presented positive rates in their added value, except Construction. Thus, industrial branches grew by 0.2% quarter-on-quarter. Within them, the manufacturing industry moderated its rate by 1.5 points compared to the previous quarter, up to a growth of 0.1%.
The growth of Services moderated by one tenth, to 1.1%. And the primary branches registered a quarter-on-quarter variation of 0.5%, compared to -2.8% in the previous quarter.
For its part, the gross added value of Construction decreased by 1.4% quarter-on-quarter, presenting a rate 2.0 points lower than that of the previous quarter.
GDP in volume. Interannual evolution
The interannual variation of GDP was 3.4% this quarter, two tenths more than that of the previous quarter.
National demand contributed 2.7 points to the year-on-year GDP growth. For its part, external demand contributed 0.7 points.
In aggregate, final consumption spending accelerated four tenths compared to the previous quarter, growing 3.3% year-on-year. That of households increased three tenths, presenting a rate of 2.8%, and that of Public Administrations increased by 4.7%, seven tenths more than in the previous quarter.
For its part, gross capital formation registered a variation of 0.8%, a rate four tenths lower than that of the previous quarter.
Exports of goods and services presented an interannual rate of 5.1%, which was 2.5 points more than in the second quarter. For their part, imports registered a variation of 3.6%, with an increase of 2.7 points compared to the previous quarter.
From the perspective of supply, all major sectors of activity presented positive interannual rates. Thus, the gross added value of industrial branches increased by 4.1%, and within them, the manufacturing industry increased by 4.6%.
The gross added value of Construction grew by 2.4% compared to the third quarter of 2023; that of Services, 3.6%; and that of the primary branches, 7.5%.
GDP at current prices, implicit deflator and income
GDP at current prices increased by 6.7% year-on-year, two tenths more than in the previous quarter. In a quarter-on-quarter rate, it increased by 1.2%.
The GDP deflator grew by 3.2% year-on-year, a rate similar to that of the previous quarter. In a quarter-on-quarter rate, its increase was 0.4%.
In terms of income, the remuneration 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 remuneration per full-time equivalent position. In quarter-on-quarter rates, total compensation increased by 1.7% and the number of full-time equivalent salaried positions increased by 1.1%. The average remuneration grew by 0.6%.
For its part, the gross operating surplus / gross mixed income increased 6.0% year-on-year, seven tenths 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 registered an interannual growth of 7.0%, compared to 0.3% in the previous quarter. In a quarter-on-quarter rate 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 points less than the previous one. In quarter-on-quarter terms, it changed 0.2%.
Full-time equivalent jobs increased by 1.9% year-on-year, two tenths less than in the previous quarter. In quarter-on-quarter terms, its variation was 0.9%.
For its part, productivity per full-time equivalent job registered an interannual rate of 1.4% this quarter, and productivity per hour actually worked, 2.5%. In quarter-on-quarter terms, these rates were 0.0% and 0.7%, respectively.
More information at INE
