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Financial News: Spain GDP Expands Slightly More Than Estimated

Spain GDP Expands Slightly More Than Estimated

06/25/2024 - 06:29:00 (RTTNews)

(RTTNews) - The Spanish economy grew slightly more than estimated in the first quarter on exports and domestic demand, revised data from the statistical office INE showed on Tuesday.

Gross domestic product posted a 0.8 percent sequential growth, which was faster than the 0.7 percent expansion seen in the fourth quarter of 2023.

According to the initial estimate released on April 30, the economy expanded again by 0.7 percent in the first quarter.

On a yearly basis, GDP growth accelerated to 2.5 percent from 2.1 percent a quarter ago. The first quarter growth was revised up from 2.4 percent.

The expenditure-side of GDP showed that household consumption expanded 0.4 percent on quarter, while government spending fell 0.6 percent. Gross capital formation moved up 1.2 percent.

Exports of goods and services climbed 3.3 percent and imports gained 2.2 percent. Further, data showed that the number of hours actually worked advanced 1.3 percent annually. However, it was down 0.3 percent on quarter.

The Bank of Spain forecast the economy to grow 2.3 percent this year and 1.9 percent in 2025.

The bank risks to growth outlook are on the downside. The main source of uncertainty continued to be geopolitical tensions, global economic growth, developments in the Chinese real estate sector and the international financial markets.

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