Household consumption rebounded after sharp declines in the first quarter, according to INE National Accounts data
The Spanish economy managed to save the second quarter of the year with a growth acceleration of 1.5%. This is evident from the figures of the National Accounts published on Friday by the National Institute of Statistics (INE), which has revised the figure upwards by four tenths. However, it is also confirmed that the year started on a negative note, with GDP falling 0.2% in a first quarter marked by the outbreak of the war in Ukraine, compared to the +0.2% estimated so far. .
“The measures The measures that have been taken to protect companies, households and vulnerable groups against the rise in the prices of energy and other raw materials and the progress made in deploying the Recovery Plan explain this good behaviour,” they indicate from the Ministry of Foreign Affairs. Economics. “These data show a solid growth pattern with a positive contribution from domestic demand and strong export momentum,” they add.
Exports remain strong despite the inflation gap between Spain and the Eurozone average, which means that price may cause our products to lose competitiveness compared to those of our partners. In particular, foreign demand contributed 4.9 points to annualized GDP in the second quarter, 2.1 points higher than in the first.
But the “good pattern” of domestic demand is far from what this component should contribute. It contributed 1.9 points to GDP, which is 1.9 points less than in the first quarter.
The INE explains that in the second quarter advance data released at the end of July, most indicators on the quarter’s economic evolution yielded results through May. The results published this Friday by Statistics already include all the statistical indicators marking the economic evolution of the second quarter, a period affected by the war in Ukraine.
Following figures updated Friday by the INE, which improve estimates for the second quarter, the Ministry of Economy and Digital Transformation has emphasized that the data “shows the strength of the Spanish economy in an environment characterized by the impact of the Russian war in Ukraine.
Source: La Verdad