Spain GDP Growth Confirmed at Near 2-Year High in Q2


The Spanish economy advanced 0.9 percent on quarter in the three months to June of 2017, higher than 0.8 percent in the previous period and matching preliminary estimates. It is the strongest expansion in nearly two years, mainly due to higher consumer spending while investment slowed.

Household consumption increased 0.7 percent, faster than a 0.4 percent gain in the previous period. In contrast, public spending edged up 0.2 percent, below 0.8 percent in the previous period. Gross fixed capital formation  slowed (0.8 percent compared to 2.1 percent in the previous period), mainly due to lower investment in equipment goods (0.5 percent compared to 3.5 percent) and intellectual property prducts (0.5 prercent compared to 2 percent) while investment in construction rose 1.1 percent, the same as in the previous period. Exports went up 0.7 percent, below 3 percent in the previous period while imports fell 0.2 percent, after a 3.1 percent rise. 

On the production side, the services sector rose more (0.8 percent compared to 0.7 percent in the previous period), namely internal trade, transport and accomodation (0.9 percent compared to 0.5 percent) and professional activities (2.1 percent compared to 1.2 percent). The manufacturing sector also expanded at a faster pace (0.8 percent compared to 0.7 percent). On the other hand, construction slowed (1.5 percent compared to 2.9 percent) and agriculture shrank 2.6 percent, following a 2.5 percent rise. 

Year-on-year, the economy advanced 3.1 percent, higher than 3 percent in the previous quarter and matching preliminary estimates. 

Spain GDP Growth Confirmed at Near 2-Year High in Q2


INE | Joana Taborda | joana.taborda@tradingeconomics.com
8/24/2017 7:32:53 AM