Due to the slowdown in household consumption
The Spanish economy slowed its quarterly growth by two points between January and March to 0.2%, a tenth less than expected, due to the slowdown in household consumption, according to National Accounts data released Friday by the National Institute. for Statistics (INE) have been published.
For example, the agency estimates that household consumption contracted 2% in the first quarter, compared to growing 1.5% in the last quarter of 2021. It is the first negative household spending rate since the first quarter of 2021, when it contracted 2 .6%.
By contrast, year-on-year GDP growth accelerated eight-tenths in the first quarter, from 5.5% in the last quarter of 2021 to 6.3%. However, this percentage is one-tenth lower than the one predicted by the statistic in April.
The acceleration in annual GDP growth reflects the greater contribution from the foreign sector and, to a lesser extent, from domestic demand. In particular, foreign demand contributed 2.3 points to annualized GDP in the first quarter, five tenths higher than in the previous quarter, while national demand contributed 4 points, two tenths more.
Statistics have explained that the advance data for the first quarter was created from statistical indicators that yielded results up to February, while the results published this Friday already “in the vast majority of cases” cover the entire quarter.
At the end of April, data provided by the INE for the first quarter pointed to quarterly GDP growth of 0.3% and an inter-year rate of 6.4%, both ahead of those released this Friday by a tenth.
Source: La Verdad