The Spanish economy advanced 0.8 percent on quarter in the first three months of 2016, the same as in the previous period and matching preliminary estimates. It is the eleventh consecutive quarter of growth, boosted by household and public spending and beating initial market expectations of a slowdown due to political uncertainty after an inconclusive general election in December.
Household consumption increased 0.9 percent, higher than 0.8 percent in the previous quarter and public spending also increased at a faster 0.8 percent (0.4 percent in the previous period). In contrast, gross fixed capital formation expanded at a slower 0.4 percent (1.1 percent in the previous quarter) as construction shrank 0.2 percent and growth investment in equipment and assets eased to 1.3 percent (1.9 percent in the previous period). Exports shrank 0.5 percent, reversing from a 0.9 percent growth in the previous period and imports grew 0.3 percent, the same as in the previous period.
On an anual basis, the economy expanded 3.4 percent, easing from a 3.5 percent growth in the last three months of 2015 and also in line with preliminary figures. Household spending accelerated (3.7 percent from 3.5 percent in Q4 2015) while public spending (2.6 percent from 3.7 percent in Q4 2015), gross fixed capital formation (5.2 percent from 6.4 percent), exports (3.7 percent from 5.3 percent in Q4 2015) and imports (5.4 percent from 7.7 percent in Q4 2015) slowed.
5/26/2016 8:26:44 AM