Spain’s economy logged an unexpected growth in the fourth quarter, preliminary data from the statistical office INE revealed Friday.
Gross domestic product grew 0.4 percent sequentially, confounding expectations for a decline of 1.5 percent. However, growth was much slower than the 16.4 percent increase posted in the third quarter.
The expenditure-side breakdown showed that household spending growth eased to 2.5 percent from 20.8 percent. Meanwhile, government spending rose 4 percent, faster than the 1.2 percent increase seen a quarter ago.
Gross capital formation declined 6.2 percent, following a 20.4 percent rise. Exports slid 1.4 percent, while imports advanced 0.4 percent.
On a yearly basis, GDP fell 9.1 percent versus a 9 percent decrease in the third quarter and -21.6 percent in the second quarter.
In the whole year of 2020, GDP decreased 11 percent, in contrast to 2 percent rise in 2019.
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