The Spanish economy accelerated its quarterly growth between April and June to 1.5%, representing 1.7 points above the registered rate in the first trimester and four tenths higher than advanced in July last year, according to National Accounting data released this Friday by the National Institute of Statistics (INE). For its part, gross domestic product (GDP) growth was 6.8% year-on-year, compared to 6.7% in the previous quarter. In addition, this figure is five tenths higher than the one put forward by the statistics for July 29th.
The acceleration in annual GDP growth rates is due to an increase in the contribution of the foreign sector and, to a lesser extent, domestic demand. In particular, the annual contribution of external demand to GDP in the second quarter amounted to 4.9 points, which is 2.1 points higher than in the previous quarter. In turn, the national demand gave 1.9 points, which is 1.9 points less than in the first quarter.
INE explains that in Q2 Data Preview released at the end of July, most quarterly economic evolution indicators offered results up to May. The results, published this Friday by the Statistical Office, already include all the statistics reflecting the economic evolution of the second quarter, the period affected by the war in Ukraine.
At the end of July, INE data for the second quarter indicated quarterly GDP growth of 1.1% and an interannual pace of 6.3%. Following the data updated by INE this Friday, which improves the estimates for the second quarter, the Ministry of Economy and Digital Transformation stressed that the data shows “the strength of the Spanish economy in an environment marked by the impact of the Russian war.” in Ukraine”.
In this sense, the Department, led by Nadia Calvinho, indicated that the measures taken to protect vulnerable businesses, families and groups from rising energy and other commodity prices, as well as progress in rolling out the Recovery Plan, explained this good behavior.
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