ANKARA
Spain’s economic growth slowed in the third quarter of 2022, according to flash estimates released on Friday.
The gross domestic product (GDP) rose 0.2% in the July-September period, easing from a 1.5% hike in the previous quarter, the National Statistics Institute (INE) said.
The figure was below the market estimate of a 0.3% increase.
On an annual basis, the country’s economy grew 3.8% in the third quarter, down from the second quarter’s strong growth of 6.8%.
Separate INSEE flash data showed that Spain’s annual consumer inflation rate stood at 7.3% in October, down from 8.9% in September.
“This development is mainly due to the decrease in electricity prices,” it said in a statement.
Consumer prices rose at the slowest rate since the beginning of this year, dropping for the third month after hitting the 38-year high of 10.8% in July.
On a monthly basis, the Consumer Prices Index fell by 0.4% month-on-month in October.
