Spain’s Q3 GDP expands 0.3% from previous quarter

Sustainable Development Goals (SDGs) and Spain’s Economic Growth

Introduction

According to preliminary data from the National Statistics Institute, Spain’s economy expanded by 0.3% in the third quarter of this year. This growth rate is lower than the revised growth of 0.4% recorded in the previous quarter.

Quarterly Growth Rate

Analysts had expected a quarter-on-quarter growth rate of 0.2% for Spain’s gross domestic product (GDP).

Annual Growth Rate

On an annual basis, Spain’s economic output in the third quarter expanded by 1.8%, down from a revised growth rate of 2.0% in the previous quarter. This growth rate exceeded the average estimate of 1.6% from a Reuters poll.

Economy Minister’s Statement

Acting Economy Minister Nadia Calvino stated on RNE radio station that the recent data on economic growth in the third quarter, along with the unemployment data from the previous day, confirm the strength of the Spanish economy, which continues to grow with resilience.

Domestic Consumption and Tourism Sector

According to INE data, domestic consumption remained strong during the quarter, while demand from abroad contracted. However, the tourism sector experienced a significant boost as foreign visitors’ spending in Spain increased, leading to a bumper summer for the industry.

Sustainable Development Goals (SDGs)

Spain’s economic growth aligns with the Sustainable Development Goals (SDGs) set by the United Nations. The country’s strong economic performance contributes to the achievement of SDG 8 (Decent Work and Economic Growth) and SDG 9 (Industry, Innovation, and Infrastructure).

Future Economic Outlook

The Spanish government expects the gross domestic product to expand by 2.4% this year, reflecting confidence in the country’s economic prospects.

Comparison with European Peers

Spain has been outperforming its European peers, such as Germany, which has a more manufacturing-dependent economy and is more affected by the global economic slowdown.

Conclusion

In conclusion, Spain’s economy demonstrated moderate growth in the third quarter, in line with the Sustainable Development Goals (SDGs). The country’s strong economic performance contributes to the achievement of various SDGs, including SDG 8 and SDG 9. The government remains optimistic about the future economic outlook, while Spain continues to outperform its European peers.

SDGs, Targets, and Indicators

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 8: Decent Work and Economic Growth

The article discusses Spain’s economic growth in the third quarter and its impact on the country’s economy. This is directly related to SDG 8, which aims to promote sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all.

2. What specific targets under those SDGs can be identified based on the article’s content?

• Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries
• Target 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation, including through a focus on high-value added and labor-intensive sectors
• Target 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation, and encourage the formalization and growth of micro-, small-, and medium-sized enterprises, including through access to financial services

The article highlights Spain’s economic expansion in the third quarter, indicating progress towards sustaining economic growth (Target 8.1). It also mentions the strength of the Spanish economy and its ability to grow with strength, which aligns with the targets of achieving higher levels of economic productivity (Target 8.2) and promoting development-oriented policies that support job creation and entrepreneurship (Target 8.3).

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

• Gross domestic product (GDP) growth rate
• Unemployment rate
• Domestic consumption
• Foreign visitors’ spending

The article mentions Spain’s GDP growth rate, which is a key indicator to measure progress towards sustaining economic growth (Target 8.1). It also refers to the data of unemployment, which is another indicator related to job creation and decent work (Target 8.3). Additionally, the article highlights domestic consumption and foreign visitors’ spending, which can be indicators of economic productivity and the tourism sector’s contribution to the economy (Target 8.2).

SDGs, Targets, and Indicators Table

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Source: reuters.com

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