Spain GDP Q2 2017

Spain

Spain: Q2 GDP climbs back to pre-crisis level

July 28, 2017

The Spanish economy continued to fire on all cylinders as it sped up in the second quarter, with GDP topping its pre-crisis level. GDP expanded at a seasonally-adjusted 0.9% in Q2 from the previous quarter, according to preliminary data released by the National Statistics Office (INE) on 28 July (Q1: +0.8% quarter-on-quarter). The expansion was in line with market expectations.

On an annual basis, GDP expanded 3.1% in the second quarter, which was marginally above the 3.0% increase observed in the previous quarter. Although the preliminary release does not include details, Q2’s figure was likely the result of robust domestic demand and a healthy external sector.

The National Statistics Office will release more detailed data on 24 August.

The Central Bank expects the economy to grow 2.8% in 2017 and 2.3% in 2018. FocusEconomics Consensus Forecast panelists project that GDP will expand 2.4% this year, which is up 0.1 percentage points from last month’s forecast. In 2018, panelists expect the economy to expand 2.1%.


Author:, Economist

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