Madrid (EFE).- The National Institute of Statistics (INE) has raised Spain’s economic growth for the second quarter to 1.5%, four tenths more than what was initially put forward in July, after a notable upward revision in export growth over the period.
The INE also revised, in this case downwards, data for the first quarter, a period in which the economy contracted by 0.2%, compared to the growth of 0.2% reported. at the time, which already meant a slowdown in a dry spell of activity due to the outbreak of war in Ukraine, the incidence of the omicron variant of covid and the strike of transport employers.
Data from the second quarter show that domestic demand (consumption and investment) contributed 0.6 percentage points to quarterly growth, while foreign demand (exports and imports) contributed the remaining 0.9 points.
Thus, the growth of the Spanish economy between April and June was more supported by exports – which increased by 4.9% – than by the recovery in household consumption – which increased by 1.2%, i.e. less than half of what was estimated in July.
Weaker export growth
Export growth was lower than that recorded in the previous three quarters, but it slowed much less than what the INE had suggested in July (1.6%).
Increase in household consumption
Faced with the rise in household consumption, general government consumption expenditure contracted by 1.3%.
Investment increased by 2.5%, driven by a significant increase in investment in housing and construction (6.5%), while business investment in machinery and capital goods contracted by 2.3%.
Imports increased by 2.8%, less than initially estimated (4.6%), a downward revision in line with that of national consumption.
For the Ministry of Economic Affairs, these data confirm the solidity of the growth of the Spanish economy and are a consequence of the measures adopted by the government to protect companies, families and vulnerable groups from rising prices, as well as progress in the deployment of the recovery plan.
All sectors progress except agriculture and livestock
On the supply side, we note the 3.8% contraction in the agriculture, livestock, forestry and fishing sector, which exacerbated the contraction that began in the previous quarter.
The rest of the sectors progressed, notably construction, 2.5%, followed by industry (1.7%) and services (1.6%). Manufacturing industry increased by 1.4% and trade, transport and hotels by 5.2%.
Employment in the economy measured in hours worked increased by 1.1% in the second quarter, while measured in full-time equivalent jobs the advance was 1% due to the increase in the average working time at full time (0.1%).
Over the past year, 939,000 full-time equivalent jobs were created, or 5.2% more.
Gross national income and gross national disposable income increased by 1.5% and 1.2% respectively compared to the previous quarter.
GDP at current prices stood at 323.810 million euros, which represents the highest quarterly figure in the historical INE series, 5.151 million more than that of the first quarter and 31.013 million more than that of the second quarter of 2021.
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