Spain economic growth ebbs to 0.6% in third quarter, below forecast

Spain's economic growth slowed in the third quarter of the year, a preliminary reading showed on Wednesday.

According to an estimate from INE, Spain's gross domestic product grew 0.6% quarter-on-quarter in the three months to September. The pace of growth eased from 0.8% in the second quarter. In the first three months of the year, GDP had risen by 0.5%.

The latest reading fell short of an FXStreet cited forecast, which had predicted 0.7% growth.

Year-on-year, Spain's economic growth slowed to 2.8% in the third quarter, from 3.0% in the second. In the first quarter, GDP was 3.1% higher.

The third quarter reading represented the tamest pace of annual GDP growth in Spain since the final quarter of 2023.

Separate numbers from INE showed retail sales rose 4.2% annually on a seasonally and calendar-adjusted basis in September. Growth eased from 4.7% in August.

Month-on-month, retail sales rose 0.5% in September. They expanded at the same pace in August from July.