Spain GDP

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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.

The Central Bank expects the economy to grow 1.3% in 2014 and they see it accelerating to a 2.0% expansion in 2015. Moreover, the government announced that the Spanish economy would grow 1.2% this year before accelerating to 1.8% in 2015. FocusEconomics Consensus Forecast panelists expect GDP to expand 1.1% in 2014, which is unchanged from last month’s forecast. In 2015, panelists expect the economy to expand 1.6%.


Author: Ricard Torné, Head of Economic Research

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Spain GDP Chart


Spain GDP Q2 2014

Note: Quarter-on-quarter changes of seasonally-adjusted GDP and year-on-year variation in %
Source: Central Bank (Banco de España, BdE) and FocusEconomics calculations.


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