MADRID: Spain’s economy expanded as initially estimated in the fourth quarter, final data from the statistical office INE showed Thursday.
Gross domestic product grew 0.7 percent each in the fourth and third quarters after rising 0.8 percent in the second quarter. The fourth quarter rate matched preliminary estimate published on January 30.
Year-on-year, growth slowed to 3 percent, in line with estimate, from 3.2 percent in the third quarter.
On the expenditure side, household final consumption expenditure climbed 0.7 percent and that of non-profit institutions serving households grew 0.8 percent sequentially.
Similarly, gross fixed capital formation advanced 0.5 percent. Exports and imports and goods and services climbed 2 percent and 1.8 percent, respectively.
In 2016, GDP climbed 3.2 percent, the same rate as seen in 2015 and faster than the 1.4 percent growth seen in 2014. The economy expanded for the third straight year.
