Current press release at:https://www.ine.es/dyngs/Prensa/en/CNTR4T24.htm
Logo INE Instituto Nacional de Estadística
Logo Notas de prensa
Logo INE
Logo Notas de prensa
26 March 2025

Quarterly National Spanish Accounts

Fourth Quarter 2024

Main results

  • In terms of volume, the GDP registered a variation of 0.8% in the fourth quarter compared with the previous quarter. This rate was similar to that of the third quarter.
  • Year-on-year GDP variation was 3.4%, compared to 3.3% in the previous quarter. Domestic demand contributed by 3.6 points and external demand by -0.2 points.
  • Hours worked varied by 2.8% year-on-year, and employment in terms of full-time equivalent jobs varied by 2.3%, compared to 1.3% and 2.1% in the previous quarter.
  • In terms of temporary aggregation of the four quarters, the volume growth of GDP in the whole year 2024 was 3.2%.

More information

All information corresponds to data adjusted for seasonal and calendar effects. The variation rates and contributions to GDP growth are rounded to one decimal place.

GDP in terms of volume. Quarter-on-quarter evolution

Gross Domestic Product (GDP) in volume terms increased by 0.8% in the fourth quarter compared with the previous quarter. This rate was similar to that of the third quarter of 2024.

Domestic demand contributed by 1.2 points to quarter-on-quarter GDP growth. On the other hand, external demand contributed by -0.4 points.

By demand aggregates, household final consumption expenditure grew by 1.0% and that of Public Administrations by 0.3%. On the other hand, gross fixed capital formation recorded a variation of 2.9%.

Exports of goods and services recorded a quarter-on-quarter rate of 0.1%, three tenths lower than the third quarter. Meanwhile, imports showed a variation of 1.4%, with an increase of four tenths compared to the previous quarter.

On the supply side, all large sectors showed positive rates in their added value, except for primary branches. Thus, industrial branches grew by 0.3% quarter-on-quarter. Among them, the rate of manufacturing industry accelerated by six tenths compared with the previous quarter, to 0.5%.

The gross value added of Construction increased by 2.7% quarter-on-quarter, 4.3 points above the previous quarter. Services maintained a similar rate of 1.0%.

On the other hand, primary branches recorded a quarter-on-quarter variation of -0.7%, compared to 1.4% in the previous quarter. 

Gross Domestic Product

Chain-linked volume. Quarter-on-quarter variation rates (%)

GDP in terms of volume. Year-on-year evolution

The year-on-year GDP variation was 3.4% for this quarter, one tenth more than that of the previous quarter.

Domestic demand contributed by 3.6 points to year-on-year GDP growth. On the other hand, external demand contributed by -0.2 points.

By demand aggregates, household final consumption expenditure accelerated by nine tenths, reaching a rate of 3.8%, and Public Administration expenditure slowed by two tenths compared to the previous quarter, growing by 4.0%.

On the other hand, gross fixed capital formation registered a variation of 3.2%, a rate 1.6 points higher than that of the previous quarter.

Exports of goods and services recorded a year-on-year rate of 3.2%, 1.5 points lower than in the second quarter. Meanwhile, imports showed a variation of 4.0%, rising three tenths compared to the previous quarter.

In terms of supply, all major sectors of activity recorded positive year-on-year rates. Thus, the gross value added of the industrial branches increased by 2.7%, and within these branches, the manufacturing industry increased by 3.7%.

The gross value added of Construction grew by 2.6% compared to the fourth quarter of 2023, that of Services by 3.8%, and that of primary branches by 4.2%.

Gross Domestic Product

Chain-linked volume. Year-on-year variation rates (%)

GDP at current prices, implicit price deflator and income

GDP at current prices increased by 5.8% year-on-year, one point lower than the previous quarter. In quarter-on-quarter rate terms, it increased by 1.9%.

The GDP deflator grew by 2.3% year-on-year, a rate one point lower than the previous quarter. In quarter-on-quarter rate terms, it increased by 1.1%.

In terms of income, employee compensation increased by 7.5% year-on-year, with a 2.6% increase in the number of full-time equivalent jobs for employees, and a 4.8% increase in the average compensation per full-time equivalent jobs for employees. In quarter-on-quarter rates, total compensation increased by 2.4%, and the number of full-time equivalent jobs of employees increased by 0.8%. Average compensation grew by 1.5%.

On the other hand, gross operating surplus/gross mixed income rose by 1.4% year-on-year, 4.4 points less than in the third quarter. In quarter-on-quarter terms, the surplus increased by 1.1%.

Finally, the amount accrued in taxes on production and net imports of subsidies recorded a year-on-year variation of 17.8%, compared to 8.7% in the previous quarter. In quarter-on-quarter rate terms, it increased by 3.5%.

Employment and productivity

The number of hours actually worked increased by 2.8% year-on-year this quarter, 1.5 points more than in the previous quarter. In quarter-on-quarter terms, it varied by 1.8%.

The number of full-time equivalent jobs increased by 2.3% year-on-year, two tenths more than in the previous quarter. In quarter-on-quarter terms, the variation was 0.8%.

On the other hand, productivity per full-time equivalent job recorded a year-on-year rate of 1.1% this quarter, and productivity per hour actually worked, of 0.6%. In quarter-on-quarter terms, these rates were 0.0% and -1.0% respectively.

Annual results. Year 2024

By temporary aggregation of the four quarters, the volume growth of GDP in 2024 as a whole is estimated at 3.2% compared to 2023.

Gross Domestic Product

Chain-linked volume. Year-on-year variation rates (%)

Domestic demand contributed by 2.8 points to GDP growth in 2024, 1.1 points higher than that of the previous year. External demand, on the other hand, contributed by 0.3 points, seven tenths lower than in 2023.

The value of GDP at current prices for the year 2024 as a whole stood at 1,591,627 million euros, 6.2% higher than in 2023.

Data revisions and updates

The results published today also incorporate all the current information available since last 29 January (date of dissemination of the advance results of the fourth quarter of 2024) on the quarterly economic evolution. In particular, they integrate quarterly information on the Balance of Payments published by the Bank of Spain last 24 March, and on the General Government Accounts, which will be reported on 31 March by the General Intervention of the State Administration.

INE has updated today the seasonally and calendar adjusted data of the Quarterly Spanish National Accounts from the first quarter of 2024.

All the results of this operation are available at INEbase.

In accordance with the Commission's Delegated Regulation (EU) 2023/137, the INE has begun to work on incorporating the new National Classification of Economic Activities CNAE−2025 in all its statistical operations.

In the case of the CNTR, the first publication of results with CNAE−2025 will take place in September 2029.

Methodological note

The Quarterly Spanish National Accounts: main aggregates (QSNA) is a short-term summary statistic whose main objective is to carry out a systematic and coherent measurement of the recent evolution of the national economy, in accordance with the conceptual and regulatory framework established by the European System of National and Regional Accounts (ESA 2010), approved by Regulation (EU) 549/2013 of the European Parliament and of the Council of 21 May.

One month following the end of the quarter (t+30 days, with t being the reference quarter), this operation provides a preview of the Gross Domestic Product generated in the economy during the quarter, as well as of each of its components, based on its three approaches of supply, demand and income (both in terms of volume and current prices in the case of the first two, and current prices, in the case of the income approach). It also provides a measurement of the evolution of employment in the economy in terms of persons employed, jobs, full-time equivalent jobs and hours actually worked.

All estimates are presented in raw data and adjusted for seasonal and calendar effects.

The results of each quarter are reviewed around t+90 days, incorporating all available information from the advance estimate.

Type of operation:
quarterly continuous survey.
Geographical scope:
national economic territory.
Collection method:
summary statistics.

More information on the methodology and the standardised methodological report.

INE statistics are produced in accordance with the Code of Good Practice for European Statistics. More information on Quality at INE and the Code of Best Practices.

For further information see Inicio INEbase Official INE account on @es_ine
All press releases at:
www.ine.es/en/prensa/prensa_en.htm
Press office:
(+34) 91 583 93 63 / 94 08gprensa@ine.es
Information area:
(+34) 91 583 91 00www.ine.es/infoine/?L=1