Consumption in Spain
Spain - Consumption
The economy gains speed in the second quarter
According to a preliminary estimate, GDP rose 1.1% on a seasonally-adjusted quarter-on-quarter basis in Q2, accelerating notably from the 0.2% uptick recorded in Q1. The economy surprised markets on the upside and benefited from the removal of most remaining Covid-19 restrictions and a strong Easter holiday season for tourism. In year-on-year terms, the economy grew 6.3% in Q2, which was unchanged from the previous quarter.
A notable rebound in consumer spending drove the quarterly acceleration: Private spending rose 3.2% on a quarterly basis, following a 2.0% contraction in Q1, despite soaring energy prices, benefiting from a tightening labor market and accumulated savings. Meanwhile, fixed investment rose 2.8%, supported by growth in investment in tangible fixed assets and housing (Q1: +3.4% s.a. qoq), while government consumption decreased 0.5% from the prior quarter (Q1: +0.1% s.a. qoq).
Meanwhile, the external sector weighed on the economy, as exports growth was outpaced by the increase in imports: Exports of goods and services rose 1.6% in seasonally-adjusted quarter-on-quarter terms (Q1: +.1.% s.a. qoq), while imports were up 4.6% in quarterly terms (Q1: -0.8% s.a. qoq).
FocusEconomics Consensus Forecast panelists project that GDP will expand 5.0% in 2022, which is down 0.6 percentage points from last month’s forecast, and 3.5% in 2023.
Spain - Consumption Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Consumption (annual variation in %) | 2.9 | 2.6 | 3.0 | 1.8 | 1.1 |
Spain Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.46 | 5.62 % | Dec 31 |
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Economic News
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Spain: Current account swings to surplus in May
August 11, 2022
The current account recorded a EUR 2.9 billion surplus in May, improving from the EUR 0.5 billion deficit clocked in April (May 2021: EUR 1.0 billion surplus).
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Spain: Industrial output grows at fastest pace in one year in June
August 8, 2022
Industrial output rose 7.0% year on year in seasonally- and calendar-adjusted terms in June (May: +4.5%).
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Spain: Unemployment rate drops in second quarter of the year
July 29, 2022
The jobless rate fell to 12.5% in Q2 from 13.7% in Q1.
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Spain: Retail sales growth deteriorates in June
July 29, 2022
Retail sales expanded 0.2% year on year in June (May: +2.8% yoy).
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Spain: The economy gains speed in the second quarter
July 29, 2022
According to a preliminary estimate, GDP rose 1.1% on a seasonally-adjusted quarter-on-quarter basis in Q2, accelerating notably from the 0.2% uptick recorded in Q1.
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