Spanish GDP Confirmed Shrinking 0.1% in Q2

In the second quarter, Spain's GDP contracted 0.1 percent on a quarterly basis, in line with the flash estimate and after falling by a revised rate of 0.4 percent in Q1. GDP growth continues to be dragged down by investment and consumption, partly offset by rising external demand.
INE | Nuno Fontes | nuno@tradingeconomics.com 8/29/2013 9:25:41 AM
In Q2, Spain's GDP growth was reported still negative but up from the rate registered in the previous quarter basically due to a positive contribution of external demand (up by 6.0 percent). The biggest downward pressures came from gross fixed capital formation (-2.1 percent) and domestic demand (-0.1 percent). 

By output sectors, agriculture (-1.4 percent) and construction (-3.1 percent) were down compared to the previous quarter. Services (+0.2 percent) and manufacturing (+0.4 percent) returned to growth after contracting -0.3 and -0.1 percent in the previous period respectively.

On an annual basis the economy contracted by 1.6 percent, slightly better than a preliminary reading of a 1.7 percent drop and up from -2.0 percent a quarter earlier. 

Spanish GDP Confirmed Shrinking 0.1% in Q2