SPAIN

摘要

The breakdown of the Q3 national accounts confirmed a previously-announced 0.1% (q-o-q) rise in GDP as household consumption advanced for the first time since Q1 2012, by 0.4% (q-o-q). Reforms undertaken last year allowing firms to cut labour costs have boosted exports and encouraged investors to return to Spain. Indeed, gross fixed capital formation rebounded by 0.2% (q-o-q) in Q3. Still, GDP shrank by 1.1 % (y-o-y) and it remains to be seen whether the nascent recovery can gain traction.