Economic growth slackens as domestic demand eases

MADRID – Annual growth in the Spanish economy slowed to its lowest level in over a year in the third quarter as domestic demand eased, according to a flash estimate released Tuesday by the National Statistics Institute.

The INE said that gross domestic product was up 3.8 percent year-on-year in the period, compared to an increase of 4.0 percent in the previous three months. On a quarter-on-quarter basis, GDP decelerated to 0.7 percent, the lowest growth rate in just under three years. The increase in the second quarter was 0.9 percent.

The slower pace of domestic demand was only partly offset by a less negative contribution from net trade – exports minus imports. The INE will give a breakdown of the third quarter figures on November 21.

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