Financial News: Spain GDP Growth Confirmed At 0.6%

Spain GDP Growth Confirmed At 0.6%

(RTTNews) - Spain's economic growth slowed in the first quarter, as estimated earlier, final data from the statistical office INE revealed on Wednesday.

Gross domestic product grew 0.6 percent sequentially in the first quarter. The rate matched the initial estimate and was slower than the 0.7 percent growth posted in the preceding quarter.

Moreover, this was the weakest expansion since the second quarter of 2023. On a yearly basis, economic growth eased to 2.8 percent, in line with estimate, from 3.3 percent in the fourth quarter of 2024.

On the expenditure-side, household spending increased 0.6 percent, while government spending dropped 0.4 percent. Gross capital formation was 0.9 percent higher than in the prior quarter. Exports and imports of goods and services gained 1.7 percent and 1.6 percent, respectively.

Another report from INE showed that producer prices remained flat in May after rising for seven straight months. Prices had increased 1.6 percent in April.

Among sub-sectors, only prices of capital goods increased from the last year, up 1.7 percent. Prices of consumer goods slid 1.6 percent and that of energy were down 0.4 percent. Intermediate goods prices fell 0.3 percent.

Month-on-month, producer prices slid 0.7 percent, marking the third consecutive decrease. However, this was much slower than the 3.2 percent fall seen in April.

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