The signs pointed to the economy accelerating in the second quarter and the data has confirmed it. GDP grew by 0.7% in the period, one tenth above the increase in the first three months of the year. A positive figure that supports the Government’s macro forecasts, which have set growth this year at 2.6%. With today’s data, the accumulated growth for the whole year is already 2.2%, therefore, the forecast is on track to be met.
Read more Poland investigates a possible impact on its territory after a massive Russian attack on Ukraine
Household consumption is one of the drivers of growth during this period, with an advance of 0.7%, slightly above that recorded in the first quarter of the year, although slightly below that recorded at the end of last year. Here, the good labor market data play a decisive role, with unemployment falling below 10% according to the EPA published yesterday, which helps stimulate this consumption. On the other hand, public administration spending remains at an increase of 0.3%, half of that recorded in the previous period.
Another element that has pushed GDP is investment, which remains at 0.4%, the same level as in the first quarter, although here too, far from the data of previous periods. In this area, the growths of more than two points in the last half of last year were very notable.
By economic sectors, the growth of industry stands out, at 1%, doubling the result of the previous quarter, and construction, which rises to 0.6%, coming from a decline in the previous three months. Meanwhile, services remain at 0.8% growth.
Read more United States launches a new wave of bombings against Iran and intensifies the war
In this way, the Spanish economy shows resilience. A resilient economy despite geostrategic tensions and the war in Iran, which cause great uncertainty, but for the moment, without very harmful effects for Spanish growth. And with these data it is also confirmed that Spain continues with growth well above that of the main European economies.
The Ministry of Economy points out that “Spain maintains the growth pace and continues to lead the major economies of the euro area, according to the latest forecasts from the main international organizations, in a context still marked by the impact of the war in Iran”
