Spanish economy grew two tenths more More than expected in the first half of the year, according to Quarterly National Accounts data published by INE this Friday. GDP grew 0.5% in the second quarterIt was one-tenth above forecast and at 0.6% in the first quarter, one-tenth above forecast. interracial exchange This rate is 2.2% compared to 4.2% in the previous quarter and four tenths above the figure in July due to the poor performance of the external sector.
Second quarter growth was driven by: national demandThanks to its positive development, it recorded an annual growth of 2.3%. consumption and improving investmentespecially in construction. Exports and imports, on the other hand, entered negative rates (-0.8% and -0.4%, respectively), contrary to the increase between January and March (9.6% and 1.9%).
This quarterly review joins the review conducted last Monday. from 2020 to 2022He concluded that the economy will grow by 5.8 percent in 2022 Literally, That’s three-tenths above the 5.5% figure expected in January and March 2023. Also this Friday, the data was broken down into quarters since 2020; In 2022, quarterly growth of 0.3% was recorded in the first three months of the year. compared to the predicted -0.6%; 2.5% between April and June, and 0.5% in the last two quarters.
In this way, new data Improvement GDP before the epidemic inside third quarter of 2022Not in the first quarter of this year as has been said so far. Progress is important because changing the narrative about recovery Claiming that Spain is the last country eurozone Completion in line with the main countries of the European Union. At the same time, the growth of the economy The second half of 2021 was lower than expectedIt recorded growth of 2.3% and 2% compared to the expected 3.1% and 2.3%.
According to INE, this Friday’s review reflects: “high level of uncertainty“Firstly, due to the “unprecedented shock” experienced, the statistical measurement of the situation coronavirus pandemic and then Crisis arising from the invasion of Ukraineand the measures taken. He also adds that in this case the analysis is “more relevant than in previous moments.” the clocks actually worked in measuring employment development. Employment growth accelerated during this period, with 576,000 more full-time jobs created and growth rising to 3% year-on-year; Productivity increase per hour worked increased by 1.2% on an annual basis.
variation 2.2% per year The second quarter represents more moderate growth Allows Spain to remain one of the world’s largest countries from the first quarter of 2021 Fastest growing European economies. The new data increases the contribution of national demand to interannual GDP growth in the second quarter by 2.3 points compared to 1.5 points in July, with household consumption increasing external demand by 2.2% (compared to the 0.5% forecast). negative (-0.1 points).
In three months of development, family consumption Despite the tensions, it maintains this rate with growth of 0.3% in the first quarter and 0.9% in the second quarter – compared to forecasts of -1.4% and 1.6% in July inflation and rise interest rates. Public expenditures also increased to 1.6% in the second quarter, after a 0.5% decrease in the first quarter. And housing investment It recorded growth of 1.6% and 3.6% each quarter, respectively, compared to advances of 0.3% and 7.3%.