Spain’s economy grew by 1.5% in the second quarter

Published by
Peter Kavinsky

Madrid (EFE) — The National Statistical Institute (INE) raised Spain’s second-quarter growth rate to 1.5%, four tenths higher than originally forecast in July, after a significant upward revision in export growth during the period.

INE also revised down, in this case, its first-quarter data, a period in which the economy contracted 0.2% from the 0.2% growth reported at the time, already signifying a slowdown in the drought period. activity in connection with the outbreak of the war in Ukraine, the incidence of the omicron variant of covid and the strike of transport employers.

Data for the second quarter show that the contribution of domestic demand (consumption and investment) to quarterly growth was 0.6 percentage points, while the contribution of external demand (exports and imports) was the remaining 0.9 points.

Thus, the progress of the Spanish economy between April and June was supported more by exports, which rose by 4.9%, than by the recovery in household consumption, which increased by 1.2%, less than half of what was estimated in July.

Lower export growth

Export growth was lower than in the previous three quarters, but slowed down much less than July’s INE growth (1.6%).

Port of Valencia in an image file. EFE/Kai Forsterling

Increasing household consumption

With rising household consumption, government consumer spending fell by 1.3%.
Investment increased by 2.5% due to a significant increase in investment in housing and construction (6.5%), while business investment in machinery and capital goods decreased by 2.3%.

Supermarket in Madrid, in the image file. EFE/Fernando Villar

Imports increased by 2.8%, less than originally estimated (4.6%), a downward revision that is in line with national consumption.

For the Ministry of Economy, this data confirms the resilience of the growth of the Spanish economy and is a consequence of the measures taken by the government to protect companies, families and vulnerable groups from rising prices, as well as progress in rolling out a recovery plan.

All industries are growing except agriculture and livestock

On the supply side, a contraction of 3.8% in agriculture, livestock, forestry and fisheries stands out, exacerbating the contraction that began in the previous quarter.

Builders in Bilbao, archived. EFE/Louis Weave

Other sectors grew, in particular construction by 2.5%, followed by industry (1.7%) and services (1.6%). The manufacturing industry increased by 1.4%, while trade, transport and hotels – by 5.2%.

Employment in the economy, measured in hours worked, grew by 1.1% in the second quarter, and in full-time terms, growth was 1% due to an increase in average working hours (0.1%).
Last year, 939,000 full-time jobs were created, up 5.2%.

Gross national income and gross national disposable income rose by 1.5% and 1.2%, respectively, compared to the previous quarter.

GDP at current prices was 323,810 million euros, the highest quarterly figure in the historical INE series, 5,151 million more than in the first quarter and 31,013 million more than in the second quarter of 2021.

Web Edition: Rose Crown

Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

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