National demand is starting to drive economic growth, mainly due to the strong recovery in household consumption
The Spanish economy accelerated its quarterly growth between April and June, reaching 1.1%, compared to 0.2% in the previous quarter, according to the advance of National Accounts data released Friday by the National Institute of Statistics (INE). ) have been published. In the second quarter, national demand started to lead economic growth, mainly due to the strong recovery in household consumption (from negative growth to 3.2%) and the continued dynamism of investment.
Quarterly GDP growth, the fifth in a row, was seven-tenths above the Bank of Spain’s forecast, which in its latest forecasts had forecast a 0.4% increase for the second quarter. However, statistics have explained that the advance data for this second quarter was made on the basis of statistical indicators that yielded results as far back as May, just when the Russian invasion of Ukraine took place.
However, as was the case with the advance results of previous quarters, on this occasion, the INE has added to the commonly used basic information, advance results from some sources referring to the month of June, estimates of indicators based on administrative data and other additional sources that the usual additions, all in accordance with the recommendations of Eurostat and other international statistical organisations. On an annual basis, the variation in Gross Domestic Product is 6.3%, comparable to the first quarter of 2022, according to the INE.
Source: La Verdad
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