The Spanish economy grew more than what was reported by the INE, encouraged by exports and investment
MADRID, 23 Jun. (EUROPA PRESS) –
The Spanish economy recovered the pre-pandemic level in the first quarter of the year after growing 0.6% between January and March compared to the previous quarter, which is one tenth more than initially expected and also one tenth above the growth registered in the previous quarter.
Economic activity was boosted in the first three months of the year by investment and the foreign sector, since household consumption contracted by 1.3% and public spending fell by 1.6% after two quarters of increases.
In year-on-year terms, GDP stepped on the accelerator even more and raised its growth by 1.1 points, from 3.1% to 4.2%, a rate four tenths higher than initially estimated, according to National Accounts data published this Friday by the National Statistics Institute (INE).
“The National Accounts data confirm what the rest of the indicators anticipated, we have already recovered the pre-pandemic GDP level, growth accelerated during the first quarter of the year, and the Spanish economy is the fastest growing in the European Union (EU). ), at a rate of 4.2%, four times more than the average”, highlighted the First Vice President and Minister of Economic Affairs, Nadia Calviño, in an assessment sent to the media.
According to Statistics, national demand contributed 1.4 points to year-on-year GDP growth in the first quarter, a figure three tenths higher than that of the previous quarter, while external demand contributed 2.8 points, nine tenths more.
In quarterly terms, the Spanish economy grew by 0.6%, one tenth more than in the internal quarter, with which it has already chained four consecutive quarters of increases.
Investment boosted the economy between January and March by increasing 1.8% after two negative quarters, while exports and imports advanced 5.7% and 2.6%, respectively, compared to the setbacks of the 1% and 4.4% experienced in the previous quarter.
