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 0.7% in the first quarter compared with the previous quarter. This rate was similar to that of the fourth quarter of 2023.

Domestic demand contributed by 0.2 points to quarter-on-quarter GDP growth. On the other hand, external demand contributed by 0.5 points.

By demand aggregates, household final consumption expenditure grew by 0.3% and that of the Public Administrations decreased by 1.0%. On the other hand, gross fixed capital formation recorded a variation of 1.3%.

Both exports of goods and services (2.4%) and imports (1.1%) recorded positive rates.

On the supply side, all large sectors showed positive rates in their added value. Thus, industrial branches grew by 1.6% quarter-on-quarter. Within these, the manufacturing industry accelerated by one tenth, to 2.2%.

The gross value added of Construction increased by 2.0% quarter-on-quarter, eight tenths more than in the previous quarter. And that of Services accelerated by nine tenths, to 0.3%. The primary branches recorded a quarter-on-quarter variation of 2.5% compared to 5.3% in the previous quarter.

This year-on-year GDP variation was 2.4% for this quarter, three tenths more than that of the previous quarter.

Domestic demand contributed by 2.2 points to year-on-year GDP growth. On the other hand, external demand contributed by 0.2 points.

In terms of aggregates, final consumption expenditure slowed down by two tenths compared with the previous quarter by increasing 2.6% year-on-year. Household expenditure stayed the same as it increased by 2.3%, and the Public sector expenditure increased by 3.0%, 1.1 points less than in the previous quarter.

On the other hand, gross fixed capital formation registered a variation of 1.1%, 1.1 points higher than in the previous quarter.

Exports of goods and services recorded a year-on-year rate of -1.1%, 2.2 points less than in the previous quarter. Meanwhile, imports showed a variation of -1.7%, with a slowdown of 3.3 points 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 2.3%, and within these branches, the manufacturing industry increased by 3.3%.

The gross value added of Construction grew by 3.6% compared to the same quarter of 2023, that of Services by 2.6% and that of primary branches by 0.4%.

GDP at current prices increased by 5.7% year-on-year, 1.5 less than in the fourth quarter of 2023. In quarter-on-quarter rate terms, it increased by 1.4%.

GDP deflator increased by 3.2% year-on-year, 1.8 points less than in the third quarter. In quarter-on-quarter rate terms, it increased by 0.6%.

In terms of income, employee compensation increased by 8.4% in a year-on-year rate, with a 3.8% increase in the number of full-time equivalent jobs for employees and a 4.4% increase in the average compensation per full-time equivalent jobs for employees. In quarter-on-quarter terms, total compensation increased by 2.9%, the number of full-time equivalent jobs for employees increased by 0.8% and average compensation increased by 2.1%.

On the other hand, gross operating surplus/gross mixed income increased by 2.6% year-on-year, a similar rate to the third quarter of 2023. In quarter-on-quarter terms, the surplus decreased by 2.8%.

Finally, the amount accrued in taxes on production and net imports of subsidies recorded a year-on-year variation of 6.3%, compared to 24.7% in the previous quarter. In quarter-on-quarter terms, it increased by 13.5%.

The number of hours actually worked increased by 1.3% year-on-year this quarter, one point less than in the previous quarter. In quarter-on-quarter terms, it varied by -0.3%.

The number of full-time equivalent jobs increased by 3.4% year-on-year, five tenths less than in the previous quarter. In quarter-on-quarter terms, the variation was -0.1%.

On the other hand, productivity per full-time equivalent job recorded a year-on-year rate of -0.9% this quarter, and productivity per hour actually worked of 1.1%. In quarter-on-quarter terms, there rates varied between 0.8% and 1.0% respectively.

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.

From September 2024, all national account operations (including the NCTR) will review their full data sets. This statistical review 2024 (RE-2024) responds to the harmonized policy of extraordinary reviews of national accounts in the European Union (reviews to be carried out every five years) and is justified by the need for these to provide at all times a measurement as accurate as possible of the economy.

Among the changes that will be incorporated into the RE-2024 from September, is the inclusion of information derived from the 2021 Population and Housing Censuses, and from the revised figures, as a result of the new population and household series resident in Spain, of the surveys aimed at households (the Active Population Survey or the Family Budget Survey).