Spain’s economy expanded 0.3 percent on the quarter in the first three months of 2022, following 2.2 percent in growth in the previous period and below market expectation of a 0.5 percent, preliminary estimates showed. Household consumption fell by 3.7 percent, the steepest drop since Q2 of 2020, dented by surging inflation due to the war in Ukraine and the interrupted supply chains from the Spanish truck driver’s strike. At the same time, fixed investments expanded by 2.4 percent, slowing from the 3.6 percent rise in the previous quarter, supported by machinery, capital goods, weapons systems and cultivated biological resources (7.3 percent vs 4.6 percent) and a rebound from construction activity (1.2 percent vs -0.2 percent). Meanwhile, net external demand contributed positively to GDP, as exports of goods and services grew while imports edged lower. On a yearly basis, the economy expanded 6.4 percent, slightly below forecasts of 6.5 percent. source: National Statistics Institute (INE)
GDP Growth Rate in Spain averaged 0.49 percent from 1995 until 2022, reaching an all time high of 16.80 percent in the third quarter of 2020 and a record low of -17.70 percent in the second quarter of 2020. This page provides the latest reported value for - Spain GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Spain GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2022.
GDP Growth Rate in Spain is expected to be 0.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Spain GDP Growth Rate is projected to trend around 0.60 percent in 2023, according to our econometric models.