The Spanish economy slowed down in the third quarter

Spain’s National Institute of Statistics (INE) announced that in the third quarter of the year covering the July-September period, economic growth of 0.2 percent was recorded compared to the previous three-month period.

The drop in consumption, high inflation, the energy crisis and the tightening of financial conditions were listed as the main reasons for the slowdown in the Spanish economy.

TOURISM BECOMES SAVINGS

The experts commented that the tourist season, when the Covid-19 measures were completely lifted, saved Spain from economic contraction and “from the blow of a very negative global environment.”

The Spanish economy, which grew by 3.8 percent compared to the same period last year, came to a sudden stop by falling 3 points below the 6.8 percent announced in the second quarter.
The inflation rate in the country in October was 7.3 percent.

Inflation, which was above 10 percent for three consecutive months (June, July, August), was 8.9 percent in September. (AA)