EDITING |
According to data published by the INE as of September 23, in the second quarter, the Spanish GDP grew by 1.5% compared to the first quarter, more than initially expected, 1.1%. Being the growth 0.4 percentage points more than estimated.
In the first quarter, the omicron variant caused many work absences, combined with the transport strike and inflation affected the Spanish national accounting, to which have been added supply problems derived from the war as well as the energy crisis.
However, household consumption and tourism have allowed GDP growth in the second quarter despite inflation. This has allowed the year-on-year advance to be 6.8% compared to 6.7% in the last period.
The year-on-year advance of 6.8% has been higher than the initially expected 6.3%. The updated data already incorporates the effects of the war in Ukraine, points out the INE.
In addition, investment grew by 3.3% in the first quarter and 2.5% in the second, which according to the Executive, is due to European funds.
The contribution to GDP growth is 1.9% from domestic demand and 4.9% from external demand. In domestic demand, household consumption and external demand, the export of goods and services are fundamentally present.
