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.