Spain: Q2 preliminary data show fastest expansion in economic activity since Q1 2008
July 23, 2014
GDP expanded a seasonally-adjusted 0.5% over the previous quarter in Q2 according to preliminary data released in the Bank of Spain’s Quarterly Report on 23 July. The increase marked a slight improvement over the 0.4% growth tallied in Q1 and, if confirmed, this will be the strongest growth rate since Q1 2008. The National Statistics Office (INE) will release more detailed data on 30 July.
On an annual basis, the economy expanded 1.1%, which followed the 0.5% increase tallied in Q1 2014 and represented the highest growth rate since Q2 2008.
According to the Central Bank, the acceleration in Q2 came on the back of a stronger contribution from the external sector as exports rebounded and import growth moderated. Domestic demand remained supportive to growth, although it did slow down in Q2.