Spain GDP


Spain: Recent data corroborate strongest GDP expansion since Q4 2007

July 30, 2014

GDP expanded a seasonally-adjusted 0.6% over the previous quarter in Q2 according to preliminary data released by the National Statistics Office (INE) on 30 July. The expansion, which overshot the 0.5% increase reported in the Bank of Spain’s Quarterly Report on 23 July, followed the 0.4% expansion recorded in Q1. The Q2 print marked the largest expansion since Q4 2007.

On an annual basis, GDP expanded 1.2% in Q2, which followed the 0.5% increase recorded in the previous quarter and represented the largest expansion since Q2 2008. The National Statistics Office (INE) will release more detailed data on 28 August.

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, Lead Economist

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Spain GDP Chart

Spain GDP Q2 2014 0

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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