Spain’s economy grew by 1.1 percent in the second quarter

Bigger leap than expected. this Spanish economy grew 1.1 percent in the second quarter Despite the war in Ukraine and inflation, this year it was 6.3 percent compared to the same period of the previous year and 6.3 percent annually. Quarterly National Accounts Published this Friday by the National Institute of Statistics (INE) Quarterly rate nine-tenths higher than recorded in the first quarterWhen GDP increased by 0.2% compared to the fourth quarter of 2021, this is a 5.5% year-on-year increase compared to the 2.2% quarterly change in the fourth quarter of 2021.

It marked the second quarter of this year ukraine war, after the Russian occupation at the end of February and the rise in inflation. In the data presented this Friday, national demand, continues to lead growth strong recovery in household consumption, went from negative growth to 3.2% growth. Foreign demand, on the other hand, contributed 2.6 points with an increase of three tenths compared to the previous quarter.

These figures are more positive than the estimates of the Bank of Spain’s research service. tourism recovery After the coronavirus pandemic – the number of international tourists arriving in Spain in May was 88% of those registered in the same month of 2019 – and despite the weakness of the sector.

Room Task showed signs of growth with good behavior especially in recent months hostel, Based on Social Security membership numbers. INE data point to an increase of 867,000 full-time equivalent jobs in one year, with a growth of 4.9%. In terms of hours worked, it increased by 3.7%, 3.8 percentage points lower than in the first quarter of 2022.

According to the Ministry of Economy, data presented by INE this Friday ” strength of the Spanish economy In a context marked by “the uncertainty from the war and its global economic consequences”, “it is also economic policy Positive effects of Recovery Plan to reduce the effects of inflation and maintain families’ incomes and productive fabric and maintain the dynamism of Investments”.

But these are much more positive than some forecasts, such as the Bank of Spain’s research service, which predicts a 0.4% quarterly increase in GDP.

One of the major contributors to the decline in activity in the previous quarter was decrease in household consumptionBetween January and March, it experienced a 3.7% decrease compared to a 1.5% increase between October and December. The increase in the general level of prices eroded prices. purchasing power of familiesThis reduced consumption.

In 2020, when the coronavirus pandemic broke out, a quarter to quarter melting There was a recovery of 17.7% in the April-June period, followed by a recovery.

Source: Informacion


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