GDP grew 0.5% in the second quarter, one tenth more than expected, driven by consumption

The year-on-year GDP growth stood at 2.2%, four tenths more than what was advanced, but two points less than in the first quarter

MADRID, 22 Sep. (EUROPA PRESS) -

The Spanish economy grew by 0.5% between April and June, which is one tenth less than in the previous quarter but one tenth more than what was initially advanced, according to National Accounting data published this Friday by the National Institute of Statistics ( INE).

The year-on-year GDP growth stood at 2.2% in the second quarter, two points below that recorded in the first quarter but four tenths above the previously estimated (1.8%), due to the loss of steam from the foreign sector.

Economic activity was boosted in the second quarter of the year by greater growth in consumption compared to the previous quarter, while investment, although it increased, did so to a lesser extent than in the first quarter. Exports and imports, for their part, entered negative rates in contrast to the advance they experienced between January and March.

Specifically, household consumption grew by 0.9% between April and June, six tenths more than in the first quarter, while public spending increased by 1.6%, compared to the 0.5% decline in the previous quarter.

Investment, for its part, hit the brakes a bit and recorded quarterly growth between April and June of 1.9%, compared to the 3.1% increase in the previous quarter, with investment in housing growing at 3.6%. , two points more than between January and March.

The evolution of national demand in the second quarter contrasts with the behavior of the foreign sector. Exports fell by 3.2% quarterly and imports showed a contraction of 2.1%, compared to the advances of 4.6% and 4.1%, respectively, that they registered in the first quarter of the year.

In year-on-year terms, GDP grew by 2.2% in the second quarter, compared to 4.2% in the first quarter. It is the most moderate year-on-year rate since the first quarter of 2021.

According to Statistics, national demand contributed 2.3 points to year-on-year GDP growth in the second quarter, one point higher than the previous quarter, while external demand subtracted one tenth, 2.9 points less than in the previous quarter. .

The INE data published this Friday incorporates different revisions that affect previous quarters.