Spain Quarterly National Accounts. Growth quality in focus.
A seven-module structural macro monitor combining quarterly national accounts with quarterly sector-account diagnostics.
Seven modules describe the current growth mix.
The latest A-CLUSTER output classifies the quality of growth across demand, investment, competitiveness, household and corporate conditions, and the external sector.
Growth Quality
Broad-based growth. Import-intensive domestic demand; Investment supporting growth; Strong household-demand contribution; Material government-demand support; Productivity / unit-labour-cost pressure
Investment Quality
Productive-capital intensive. High intellectual-property share; Strong real GFCF growth
Competitiveness
Broad competitiveness deterioration. Non-positive productivity growth; Elevated NULC growth
Household Demand
Services-led demand. Strong services consumption growth
Household Income & Saving
Household income pressure. Actual final consumption per capita unavailable for selected country
Corporate Income & Investment
Mixed corporate cycle.
External Sector
External drag on growth. Domestic demand accompanied by import drag
Cautious / mixed with structural pressure.
The concise production page is designed for rapid reading; the full analytical report contains the detailed charts, tables and methodology.
Broad-based growth
Primary driver: Household consumption. Domestic demand +3.52 pp; net exports -0.89 pp.
Productive-capital intensive
GFCF 21.4% of GDP; productive-capital proxy 47.0%.
Household income pressure
Saving rate 11.6%; real disposable income per capita -0.35% QoQ.
External drag on growth
Real exports +1.5% YoY; real imports +4.3% YoY.