The INE has reviewed its initial estimate on the Spanish economy in the second quarter and has done it up. According to data published this Friday, the increase was 0.8%, one tenth more than initially calculated. Domestic demand and pull of private consumption are accelerating economic growth in Spain.
The INE had already advanced in its national accounting data that the economy had advanced 0.7% in the second quarter, data that is now confirmed. As in the previous quarter, in which GDP increased by 0.6%, domestic demand has been the protagonist of good data.
The Spanish economy has received different recognitions in recent weeks in the form of improvement of forecasts. The Government raised its objective from 2.6% to 2.7%, the Bank of Spain promoted it from 2.4% to 2.6%. Like the OECD, which replaces Spain at the head of the world’s great economies in terms of growth.
For the Ministry of Economy, these data demonstrate the “dynamism” of the Spanish economy, because it points to an interannual growth (with respect to the same period last year) of 3.1%. This represents a tenth less than in the previous quarter but three tenths more than the advanced data last July.
The national demand maintains the upward trend supported mainly on the consumption of families, with a rhythm of 0.8% in the second quarter against the first quarter, which reflects the solidity of the labor market and the increase in purchasing power. In addition, in the second quarter, the investment continues to grow, with an advance of 1.8%.
The investment in housing slows down, since it only increased 0.6%, a fact that contrasts with the 1.5% increase in the first quarter, while the investment in machinery slows slightly and increases 1.2%, compared to the increase of 1.4% of the first three months of the year.
Exports of goods and services were stopped 1.1 points and increased 1.3%, while imports increased 1.6%, four tenths less.
By sectors, that of agriculture, livestock, forestry and fishing was the only one that fell, 6.4%, almost 13 points less than in the previous quarter, when it grew to 6.4%, while construction is the sector that grows the most, 2.3%, followed by services (1%) and industry (0.9%).
They also grew, although more mildly, professional, scientific and technical activities (1%), and, in the opposite, the real estate activities, 1.2%and those of public administration, education and health, 0.4%.
Source: www.eldiario.es
