Financial News: Spanish Economy Grows As Estimated In Q2; Inflation

Spanish Economy Grows As Estimated In Q2; Inflation Lowest Since March 2021

09/27/2024 - 07:16:00 (RTTNews)

(RTTNews) - Spain's economy continued to expand as initially estimated in the second quarter, while consumer price inflation eased markedly to the lowest level in three-and-a-half years in September, separate reports from the statistical office INE showed on Friday.

Gross domestic product expanded 0.8 percent on quarter, slightly slower than the revised 0.9 percent rise seen in the first quarter.

Year-on-year, economic growth improved to 3.1 percent from 2.5 percent in the preceding period. The latest growth was in line with the flash data, while the first quarter's growth was revised down slightly from 2.6 percent.

On the expenditure side, household consumption and government spending grew 1.0 percent and 0.7 percent, respectively. Gross fixed capital formation moved up 0.3 percent. External demand contributed positively by 0.1 percent as exports grew faster than imports.

Consumer price inflation in Spain softened to 1.5 percent in September from 2.3 percent in August. Further, this was the weakest inflation since March 2021, when prices had risen 1.3 percent.

The slowdown in inflation was mainly due to the fall in fuel prices and also, although to a lesser extent, to the decrease in food and electricity prices, the agency said.

Core inflation, which excludes prices of unprocessed food and energy, moderated to 2.4 percent from 2.7 percent a month ago, the flash data revealed.

Inflation based on the harmonized index of consumer prices dropped to 1.7 percent in September from 2.4 percent in August.

Month-on-month, consumer prices dropped 0.6 percent, and the HICP edged down by 0.1 percent.

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