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Financial News: Spain's GDP Growth Accelerates As Initially Estimated

Spain's GDP Growth Accelerates As Initially Estimated

06/28/2019 - 06:10:00 (RTTNews)

(RTTNews) - Spain's economy expanded at the fastest pace in five consecutive quarters in the first three months of 2019, final data from the statistical office INE showed Friday.

Another report from INE revealed that retail sales growth accelerated in May driven by non-food product sales.

Gross domestic product advanced 0.7 percent sequentially in the first quarter, after rising 0.6 percent in the fourth quarter of 2018. The rate came in line with the estimate published on April 30.

On a yearly basis, GDP growth improved to 2.4 percent, as previously estimated, from 2.3 percent.

Retail sales increased by adjusted 3.1 percent year-on-year in May, faster than the 1.9 percent rise seen in April, INE reported. Unadjusted sales growth climbed to 2.4 percent from 1.3 percent.

Food store sales were up 1.9 percent and non-food store sales expanded 4.3 percent in May.

On a monthly basis, retail sales increased 0.7 percent, reversing a 0.3 percent drop in April.

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