- Q2 preliminary GDP +0.7% vs +0.6% q/q expected
- Prior (Q1) +0.6%
Even though inflation continues to accelerate, the Spanish economy performed better than expected in Q2 as growth conditions from Q1 were sustained for the most part.
The growth on the quarter was mostly driven by domestic demand, which contributed 0.6% to the headline figure above.
Looking at the breakdown for aggregate demand, household final consumption expenditure increased by 0.7% and that of public administrations by 0.3%. Meanwhile, gross fixed capital formation registered a variation of 0.5%.
Besides that, exports showed a quarterly increase of 0.8% while imports registered a 0.6% increase on the quarter. They are both seen rebounding by 1.4% and 1.5% respectively from the Q1 at least.
All in all, it’s a positive showing with Q2 annual GDP estimated at 2.7% – that’s seen holding steady in the last four quarters.
This article was written by Justin Low at investinglive.com.