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Financial News: Spain GDP Growth Improves In Q2

Spain GDP Growth Improves In Q2

07/29/2022 - 04:15:00 (RTTNews)

(RTTNews) - Spain's economic growth accelerated in the second quarter underpinned by household spending and exports, flash data from the statistical office INE showed on Friday.

Gross domestic product grew 1.1 percent quarter-on-quarter, faster than the 0.2 percent expansion posted a quarter ago.

The expenditure-side breakdown showed that household spending rebounded 3.2 percent after falling 2.0 percent. Meanwhile, government spending dropped 0.5 percent, reversing a 0.1 percent rise.

At the same time, growth in gross fixed capital formation eased to 2.8 percent from 3.4 percent in the first quarter.

Exports of goods and services moved up 1.6 percent, faster than the 1.1 percent rise in the previous quarter. Imports advanced 4.6 percent, in contrast to the 0.8 percent fall a quarter ago.

On a yearly basis, GDP growth held steady at 6.3 percent in the second quarter, while the rate was forecast to ease to 5.5 percent.

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