Quarterly National Spanish Accounts

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

By demand aggregates, household final consumption expenditure grew by 0.2% and that of the Public Administrations by 1.0%. On the other hand, gross fixed capital formation recorded a variation of 0.6%.

Both exports of goods and services (2.7%) and imports (2.5%) recorded positive rates.

On the supply side, all large sectors showed positive rates in their added value. Thus, industrial branches grew by 2.3% quarter-on-quarter. Within these, the manufacturing industry accelerated by three tenths, to 1.1%.

The gross value added of Construction increased by 1.2% quarter-on-quarter, 1.9 points more than in the previous quarter. And that of Services slowed down nine tenths, to 0.1%. The primary branches recorded a quarter-on-quarter variation of 5.3% compared to -4.2% in the previous quarter.

This year-on-year GDP variation was 2.0% for this quarter, 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 -0.1 points.

In terms of aggregates, final consumption expenditure accelerated by 1.2 points compared with the previous quarter and increased by 2.8% 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 4.1%, six tenths less than in the previous quarter.

On the other hand, gross fixed capital formation registered a variation of -0.1%, one point lower than in the previous quarter.

Exports of goods and services recorded a year-on-year rate of 1.0%, two points higher than in the previous quarter. Meanwhile, imports showed a 1.7% year-on-year rate, with an increase of 4.1 points compared to 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 1.8%, and within these branches, the manufacturing industry increased by 2.9%.

The gross value added of Construction grew by 1.9% compared to the same quarter of 2022, that of Services by 2.3% and that of primary branches by 0.4%.

GDP at current prices increased by 7.1% year-on-year, 1.1 less than in the third quarter. In quarter-on-quarter rate terms, it increased by 2.7%.

GDP deflator increased by 5.0% year-on-year, 1.1 points less than in the third quarter. In quarter-on-quarter rate terms, it increased by 2.1%.

In terms of rent, the employees compensation increased by 8.8% year-on-year, with a 3.9% increase in the number of employees and a 4.7% increase in the average compensation per employee. In quarter-on-quarter terms, total compensation increased by 1.2%, the number of employees increased by 0.6% and average compensation increased by 0.6%.

On the other hand, gross operating surplus/gross mixed income increased by 2.3% year-on-year, 4.2 points less than in the third quarter. In quarter-on-quarter terms, the surplus increased by 8.3%.

Finally, the amount accrued in taxes on production and net imports of subsidies recorded a year-on-year variation of 24.6%, compared to 11.2% in the previous quarter. In quarter-on-quarter terms, it decreased by 12.0%.

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, 0.6 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, these rates were -0.1% for both.

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.

The results published today incorporate all the available short-term information on quarterly economic developments since 30 January. In particular, they integrate quarterly information on the Balance of Payments published by the Bank of Spain last 22 March, and on the General Government Accounts, which will be reported on 27 March by the General Intervention of the State Administration. All the results of this operation are available on INEbase.