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.
Author: David Ampudia, Economist