Financial News: Spain Economy Expands More Than Expected; Inflation Accele

Spain Economy Expands More Than Expected; Inflation Accelerates

04/28/2023 - 10:04:00 (RTTNews)

(RTTNews) - Spain's economy grew more-than-expected in the first quarter, while consumer price inflation increased slightly amid an increase in fuel prices, separate reports from the statistical office INE showed Friday.

Gross domestic product, or GDP, advanced 0.5 percent from the previous quarter, when the economy expanded 0.4 percent, flash data revealed. Economists had expected growth of 0.3 percent.

Further, the Spanish economy expanded for the fourth consecutive quarter.

On the expenditure side, gross capital formation rose 1.2 percent, while final consumption, including private and government expenditure, fell 1.4 percent in total. Both exports and imports climbed by 5.8 percent and 3.1 percent, respectively.

On a yearly basis, GDP growth quickened to 3.8 percent in the first quarter from 2.9 percent in the final quarter of 2022. Economists were looking for 3.0 percent growth.

Separate official data showed that consumer price inflation rose to 4.1 percent in April from 3.3 percent in March.

This development was mainly due to the fact that the decrease in electricity prices was lower than compared to April 2022 and to the increase in fuel prices, which decreased in April of the previous year, the agency said.

Excluding non-processed food and energy prices, core inflation eased to 6.6 percent from 7.5 percent in March.

On a monthly basis, overall consumer prices rose 0.6 percent, faster than March's 0.4 percent increase. Economists had forecast a 0.9 percent climb.

The harmonized index of consumer prices, or HICP, grew 3.8 percent annually in April after rising 3.1 percent a month ago. The rate was slower than the expected 4.1 percent.

Month-on-month, the HICP moved up 0.5 percent versus an anticipated gain of 0.6 percent.

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