The ongoing uncertainty stemming from the COVID-19 pandemic makes it necessary to closely monitor meaningful data to make predictions of economic developments in the short and medium term. Last week, Spain published its GDP reading for the third quarter of 2021. We have analysed the figure and laid out our conclusions in this note. We do not only focus on the data itself, but also on the current global and local background, as well as on key factors such as growth, inflation and interest rates going forward in Spain. As has been the case for the last few quarters, the GDP figure has some surprising issues, some of them complex to analyse, and will have a significant impact on our forecasts.