Spain GDP Q2 2016


Spain: Economy decelerates marginally in Q2

July 29, 2016

The Spanish economy recorded another expansion in the second quarter despite the political deadlock that has characterized the country since the last general elections in December. GDP expanded a seasonally-adjusted 0.7% in Q2 2016 over the previous quarter, according to preliminary data released by the National Statistics Office (INE) on 29 July. The expansion came in slightly below the 0.8% increase recorded in the second quarter.

On an annual basis, GDP expanded 3.2% in the second quarter, which represented a slight deceleration over the 3.4% increase recorded in the previous quarter. Q2’s increase marked the slowest increase in a year. The National Statistics Office (INE) will release more detailed data on 25 August.

The political impasse could start to take a toll on the Spanish economy if the situation of a non-functioning government persists over the medium term. FocusEconomics Consensus Forecast panelists project GDP to expand 2.7% in 2016, which is unchanged from last month’s forecast. In 2017, panelists expect the economy to expand 2.4%.

Author:, Senior Economist

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Spain GDP Chart

Spain GDP Q2 2016 1

Note: Quarter-on-quarter changes of seasonally-adjusted GDP and year-on-year variation in %
Source: Statistical Institute (INE) and FocusEconomics calculations.

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