Spain's gross domestic product expanded 1.1 percent on quarter in the three months to June of 2021, compared to an earlier estimate of a 2.8 percent growth and following an upwardly revised 0.6 percent contraction in the previous period. Both household consumption (4.7 percent vs -2.2 percent in Q1) and government expenditure (0.9 percent vs 0.4 percent) increased. Meanwhile, gross fixed capital formation declined (-2.2 percent vs 0.1 percent) and net foreign demand contributed negatively to growth, as imports jumped 4.2 percent (vs 0.4 percent in Q1) whereas exports rose only 0.9 percent (vs 0.3 percent in Q1). Year-on-year, the Spanish GDP advanced 17.5 percent, below an earlier estimate of 19.8 percent and after a 4.2 percent fall in the previous period. The Spanish government forecasts economic growth at 6.5% this year and 7% for 2022. source: National Statistics Institute (INE)
GDP Growth Rate in Spain averaged 0.45 percent from 1995 until 2021, reaching an all time high of 17.10 percent in the third quarter of 2020 and a record low of -17.80 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 September of 2021.
GDP Growth Rate in Spain is expected to be 3.20 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 0.70 percent in 2022 and 0.60 percent in 2023, according to our econometric models.