Current press release at:https://www.ine.es/dyngs/Prensa/en/avCNTR4T23.htm
Logo INE Instituto Nacional de Estadística
Logo Notas de prensa
Logo INE
Logo Notas de prensa
30 January 2024

Quarterly National Spanish Accounts

Fourth quarter 2023. Preview

Main results

  • In terms of volume, the GDP registered a variation of 0.6% in the fourth quarter compared with the previous quarter. This rate is two tenths higher than that of the third quarter.
  • Year-on-year GDP variation was 2.0%, compared to 1.9% in the previous quarter. Domestic demand contributed by 2.1 points and external demand by 0.0 points.
  • The number of hours worked increased by 2.8% year-on-year and employment, in terms of full-time equivalent jobs, increased by 3.9%.
  • In terms of temporary aggregation of the four quarters, the volume growth of GDP in the whole year 2023 was 2.5%.

More information

This preview of results is compiled with available information, with most indicators providing results up to the second month of the quarter, to which information from advance data, estimates and other additional sources have been added, in line with the recommendations of Eurostat and other international statistical bodies.

GDP in terms of volume. Quarter-on-quarter evolution.

Gross Domestic Product (GDP) in volume terms increased by 0.6% in the fourth quarter compared with the previous quarter. This rate is two tenths higher than that of the third quarter.

Domestic demand contributed by 0.5 points to quarter-on-quarter GDP growth. On the other hand, external demand contributed by 0.1 points.

In terms of demand aggregates, household final consumption expenditure increased by 0.3% compared to the previous quarter, while that of the public sector remained at 1.4%. On the other hand, gross fixed capital formation recorded a variation of 0.2%.

Both exports of goods and services (2.9%) and imports (2.7%) recorded positive rates.

On the supply side, all major sectors of activity recorded positive quarter-on-quarter variations. The gross value added of the industrial branches increased by 2.4%. Within these, the manufacturing industry recorded a rate of 1.1%.

On the other hand, gross value added grew by 0.6% in Construction, 0.2% in Services and 5.3% in the primary branches.

Gross Domestic Product. Fourth quarter 2023

Chain-linked volume. Quarter-on-quarter variation rates (%)

GDP in terms of volume. Year-on-year evolution

This quarter, year-on-year GDP variation was 2.0%, one tenth more than that of the previous quarter.

Domestic demand contributed by 2.1 points to year-on-year GDP growth. On the other hand, external demand contributed by 0.0 points.

In terms of aggregates, final consumption expenditure accelerated by 1.4 points compared with the previous quarter and increased by 2.9% year-on-year. Household expenditure increased by 2.3%, a rate of 1.9 points higher than in the previous quarter, and the public sector expenditure increased by 4.4%, two tenths less than in the previous quarter. On the other hand, gross fixed capital formation registered a variation of -0.4%, 1.2 points lower than in the previous quarter.

Exports of goods and services recorded a year-on-year rate of 1.2%, 2.3 points higher than in the previous quarter. Imports, on the other hand, recorded a year-on-year rate of 1.7%, 4.2 points higher than in the previous quarter.

In terms of supply, all major sectors of activity recorded positive year-on-year variations. Thus, the gross value added of the industrial branches increased by 1.9%, and within these branches, the manufacturing industry increased by 3.0%.

Compared with the same quarter in 2022, gross value added increased by 1.1 % in Construction, by 2.4 % in Services and by 0.3 % in the primary branches.

Gross Domestic Product. Fourth quarter 2023

Chain-linked volume. Year-on-year variation rates (%)

GDP at current prices, implicit price deflator and income

GDP at current prices increased by 7.2% year-on-year, nine tenths less than in the third quarter. In quarter-on-quarter terms, it increased by 2.8%.

GDP deflator increased by 5.0% year-on-year, 1.1 points less than in the third quarter. In quarter-on-quarter terms, it increased by 2.2%.

In terms of income, employee compensation increased by 8.5% year-on-year, with a 3.9% increase in the number of employees and a 4.4% increase in the average compensation per employee. In quarter-on-quarter terms, total compensation increased by 1.0%, the number of employees increased by 0.6% and average compensation increased by 0.4%.

On the other hand, gross operating surplus/gross mixed income increased by 2.4% year-on-year, 3.9 points less than in the third quarter. In quarter-on-quarter terms, the surplus increased by 8.5%.

Finally, the amount accrued in taxes on production and net imports of subsidies recorded a year-on-year variation of 27.0%, compared to 11.8% in the previous quarter. In quarter-on-quarter terms, it decreased by 10.8%.

Employment and productivity

The number of hours actually worked increased by 2.8% year-on-year this quarter, nine tenths more than in the previous quarter. In quarter-on-quarter terms, it increased by 0.7%.

The number of full-time equivalent jobs increased by 3.9% year-on-year, six tenths more than in the previous quarter. In quarter-on-quarter terms, the variation was 0.7%.

On the other hand, productivity per full-time equivalent job recorded a year-on-year rate of -1.8% this quarter, and productivity per hour actually worked of -0.8%. In quarter-on-quarter terms, both rates were -0.1%.

Annual results. Year 2023

By temporary aggregation of the four quarters, the volume growth of GDP in 2023 as a whole is estimated at 2.5% compared to 2022.

Gross Domestic Product. Year 2023

Chain-linked volume. Year-on-year variation rates (%)

Domestic demand contributed by 1.7 points to GDP growth in 2023, 1.2 points less than that of the previous year.External demand, on the other hand, contributed by 0.8 points, 2.1 points less than in 2022.

The value of GDP at current prices for the year 2023 as a whole stood at 1,462,070 million euros, 8.6% higher than in 2022.

Data reviews and updates

INE has updated today the seasonally and calendar adjusted data of the Quarterly Spanish National Accounts from the first quarter of 2023. All the results of this operation are available on INEbase.

Methodological note

The Quarterly Spanish National Accounts: main aggregates (QSNA) is a short-term summary statistic whose main objective is to carry out a systematic and coherent measurement of the recent evolution of the national economy, in accordance with the conceptual and regulatory framework established by the European System of National and Regional Accounts (ESA 2010), approved by Regulation (EU) 549/2013 of the European Parliament and of the Council of 21 May.

One month following the end of the quarter (t+30 days, with t being the reference quarter), this operation provides a preview of the Gross Domestic Product generated in the economy during the quarter, as well as of each of its components, based on its three approaches of supply, demand and income (both in terms of volume and current prices in the case of the first two, and current prices, in the case of the income approach). It also provides a measurement of the evolution of employment in the economy in terms of persons employed, jobs, full-time equivalent jobs and hours actually worked.

All estimates are presented in raw data and adjusted for seasonal and calendar effects.

The results of each quarter are reviewed around t+90 days, incorporating all available information from the advance estimate.

Type of operation:
quarterly continuous survey.
Geographical scope:
national economic territory.
Collection method:
summary statistics.

More information on the methodology and the standardised methodological report.

INE statistics are produced in accordance with the Code of Good Practice for European Statistics. More information on Quality at INE and Code of Best Practices

For further information see Inicio INEbase Official INE account on @es_ine
All press releases at:
www.ine.es/en/prensa/prensa_en.htm
Press office:
(+34) 91 583 93 63 / 94 08gprensa@ine.es
Information area:
(+34) 91 583 91 00www.ine.es/infoine/?L=1