Quarterly National Spanish Accounts

This preview of results is compiled with available information, with most indicators providing results up to the second month of the quarter, to which information from advance data, estimates and other additional sources have been added, in line with the recommendations of Eurostat and other international statistical bodies.

Gross Domestic Product (GDP) in volume terms increased by 0.6% in the fourth quarter compared with the previous quarter. This rate is two tenths higher than that of the third quarter.

Domestic demand contributed by 0.5 points to quarter-on-quarter GDP growth. On the other hand, external demand contributed by 0.1 points.

In terms of demand aggregates, household final consumption expenditure increased by 0.3% compared to the previous quarter, while that of the public sector remained at 1.4%. On the other hand, gross fixed capital formation recorded a variation of 0.2%.

Both exports of goods and services (2.9%) and imports (2.7%) recorded positive rates.

On the supply side, all major sectors of activity recorded positive quarter-on-quarter variations. The gross value added of the industrial branches increased by 2.4%. Within these, the manufacturing industry recorded a rate of 1.1%.

On the other hand, gross value added grew by 0.6% in Construction, 0.2% in Services and 5.3% in the primary branches.

This quarter, year-on-year GDP variation was 2.0%, one tenth more than that of the previous quarter.

Domestic demand contributed by 2.1 points to year-on-year GDP growth. On the other hand, external demand contributed by 0.0 points.

In terms of aggregates, final consumption expenditure accelerated by 1.4 points compared with the previous quarter and increased by 2.9% year-on-year. Household expenditure increased by 2.3%, a rate of 1.9 points higher than in the previous quarter, and the public sector expenditure increased by 4.4%, two tenths less than in the previous quarter. On the other hand, gross fixed capital formation registered a variation of -0.4%, 1.2 points lower than in the previous quarter.

Exports of goods and services recorded a year-on-year rate of 1.2%, 2.3 points higher than in the previous quarter. Imports, on the other hand, recorded a year-on-year rate of 1.7%, 4.2 points higher than in the previous quarter.

In terms of supply, all major sectors of activity recorded positive year-on-year variations. Thus, the gross value added of the industrial branches increased by 1.9%, and within these branches, the manufacturing industry increased by 3.0%.

Compared with the same quarter in 2022, gross value added increased by 1.1 % in Construction, by 2.4 % in Services and by 0.3 % in the primary branches.

GDP at current prices increased by 7.2% year-on-year, nine tenths less than in the third quarter. In quarter-on-quarter terms, it increased by 2.8%.

GDP deflator increased by 5.0% year-on-year, 1.1 points less than in the third quarter. In quarter-on-quarter terms, it increased by 2.2%.

In terms of income, employee compensation increased by 8.5% year-on-year, with a 3.9% increase in the number of employees and a 4.4% increase in the average compensation per employee. In quarter-on-quarter terms, total compensation increased by 1.0%, the number of employees increased by 0.6% and average compensation increased by 0.4%.

On the other hand, gross operating surplus/gross mixed income increased by 2.4% year-on-year, 3.9 points less than in the third quarter. In quarter-on-quarter terms, the surplus increased by 8.5%.

Finally, the amount accrued in taxes on production and net imports of subsidies recorded a year-on-year variation of 27.0%, compared to 11.8% in the previous quarter. In quarter-on-quarter terms, it decreased by 10.8%.

The number of hours actually worked increased by 2.8% year-on-year this quarter, nine tenths more than in the previous quarter. In quarter-on-quarter terms, it increased by 0.7%.

The number of full-time equivalent jobs increased by 3.9% year-on-year, six tenths more than in the previous quarter. In quarter-on-quarter terms, the variation was 0.7%.

On the other hand, productivity per full-time equivalent job recorded a year-on-year rate of -1.8% this quarter, and productivity per hour actually worked of -0.8%. In quarter-on-quarter terms, both rates were -0.1%.

By temporary aggregation of the four quarters, the volume growth of GDP in 2023 as a whole is estimated at 2.5% compared to 2022.

INE has updated today the seasonally and calendar adjusted data of the Quarterly Spanish National Accounts from the first quarter of 2023. All the results of this operation are available on INEbase.