Domestic consumption maintains the growth of the Spanish economy
GDP slows its growth in the first quarter to 2.8% year-on-year
BarcelonaThe Spanish economy grew 0.6% in the first quarter of the year, one-tenth less than in the previous quarter, moderating its year-on-year growth by five-tenths, from 3.3% to 2.8%, as confirmed this Wednesday by the National Statistics Institute (INE) with the publication of the National Accounts data.
Domestic demand contributed five-tenths to quarterly GDP growth, compared to the four previously estimated, while the foreign sector contributed one-tenth, not two as previously calculated by the INE. Regarding the year-on-year growth of 2.8%, only domestic demand contributed 3.2 points, compared to a negative external demand of four-tenths, the same figures as those published in April.
The Ministry of Economy, Trade and Business has highlighted that Spain has maintained "strong growth" in the first quarter of the year, supported by private consumption, investment in capital goods, and the rebound in construction.
The department headed by Carlos Cuerpo also highlighted that Spanish growth is higher than that of major European countries, such as Germany, which recorded a 0.4% increase in GDP in the first quarter, or France, with a 0.1% increase.
More household consumption and more investment
Regarding quarterly GDP growth between January and March, household consumption increased by 0.6% in the first quarter of the year, two-tenths more than the figure estimated in April, while public spending was cut by four-tenths, compared to the 0.2% increase initially estimated. Investment, meanwhile, grew by 0.9% in the quarter, three-tenths more than the INE's previous forecast.
Exports of goods and services posted a quarter-on-quarter growth rate of 1.7%, 1.6 percentage points higher than in the fourth quarter. Imports, meanwhile, registered a 1.6% increase, four-tenths more than in the previous quarter.