Q3 2024 GDP grew by 0.2% quarter-on-quarter, in line with our forecasts.
Q3 2024 GDP grew by 0.2% quarter-on-quarter, putting year-on-year growth at 1.9 per cent, in line with our forecasts.The flash data released by INE indicates that the yoy growth reflects the strength of the positive contribute of domestic demand, as the private consumption accelerated; however, the contribution of foreign demand remained negative. Q3 was marked by a trend from minus to plus, which is seen to persist until the end of the year. Indicators for Q4 are giving positive signals, with the main synthetic indicators suggesting an acceleration in activity in October. We highlight the recovery in the European Commission's economic sentiment indicator, which rose to c. 106 points in October; the same happened in the INE’s economic climate indicator; and car sales accelerated to 10.3% yoy also in October.