On Tuesday, the IBEX 35 nudged upwards to reach 10,991.50 points or 0.36%, maintaining its position above the 10,900 mark for the third consecutive session as investors held off on making significant moves before the release of inflation data from key European nations and the US later in the week. Within Spain, economic growth figures indicated a 2.5% increase in the nation’s GDP for 2023, marking a deceleration from the prior year’s surge of over 5%, yet still surpassing analyst forecasts.  

(IBEX 35 Index Monthly Chart) 

Spain’s economy grew by 0.6% in the final quarter of 2023, an acceleration from the 0.4% expansion during the prior three months, official data confirmed. The growth was predominantly due to strong local demand, even in the face of persistently high inflation and unprecedented high borrowing costs. Consumer spending by households saw a slight rise of 0.2% in the fourth quarter, a slowdown from the 1.2% uptick in the third quarter, while government expenditures went up by 1.0%, a step down from the 1.6% rise in the prior quarter.  

On the other hand, there was a significant reduction in fixed investment by 1.6%, marking the steepest decline in a year, influenced by a downturn in spending on fixed assets like construction works, machine equipment, capital goods, weapons systems, and biological resources under cultivation. Spending on intellectual property products likewise dipped. However, the net demand from foreign markets had a favorable effect on the Gross Domestic Product, as export levels surpassed those of imports. When dissecting the growth by industry, manufacturing led with a 2.3% increase following two-quarters of diminishing output. 

(Spain GDP Growth Rate QoQ%，National Statistics Institute) 

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