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Financial News: Spain's Q2 GDP Growth Rev Down

Spain's Q2 GDP Growth Rev Down

09/30/2019 - 03:44:00 (RTTNews)

(RTTNews) - Spain's economy grew less than previously estimated in the second quarter, final data from the statistical office INE showed Monday.

Gross domestic product grew 0.4 percent sequentially, slightly slower than the 0.5 percent expansion initially estimated. This was the weakest growth since early 2014. The economy had expanded 0.5 percent in the first quarter of 2019.

On a yearly basis, economic growth eased to 2 percent from 2.2 percent in the first quarter. The second quarter growth was revised down from 2.3 percent.

Citing weaker domestic demand, the Bank of Spain last week downgraded its growth outlook for this year to 2 percent from 2.4 percent. Likewise, the outlook for 2020 was trimmed to 1.7 percent from 1.9 percent.

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