Gross Domestic Product (GDP) at current prices grew by 6.8% year-on-year, three tenths higher than in the previous quarter. On a quarter-on-quarter basis, it increased by 1.3%.

The GDP deflator showed a year-on-year increase of 3.3%, one tenth higher than the previous quarter, while on a quarterly basis it rose by 0.5%.

Regarding income, employee compensation grew by 7.3% year-on-year, driven by a 2.4% increase in full-time equivalent positions and a 4.8% rise in average compensation per position. On a quarterly basis, total compensation grew by 1.8%, the number of positions by 1.1%, and average compensation by 0.7%. Meanwhile, gross operating surplus / mixed income increased by 5.9% year-on-year, though it slowed slightly compared to the previous quarter. On a quarterly basis, growth was just 0.1%.

Finally, net taxes on production and imports recorded an 8.0% year-on-year increase, showing a sharp acceleration compared to the previous quarter (0.8%). On a quarter-on-quarter basis, they rose by 4.0%.

Employment and Productivity

The number of hours actually worked grew by 0.9% year-on-year, slowing down by 1.4 points compared to the previous quarter. Quarter-on-quarter growth was 0.2%.

Full-time equivalent positions increased by 1.9% year-on-year, slightly below the previous quarter, and grew by 0.9% on a quarterly basis.

Regarding productivity, it recorded a year-on-year increase of 1.4% per full-time equivalent position and 2.5% per hour worked. However, on a quarterly basis, productivity per position decreased by 0.1%, while productivity per hour worked rose by 0.6%.

This analysis highlights moderate growth in GDP and employment, accompanied by slight adjustments in productivity and income.

More information at INE