Consumption in Spain
Spain - Consumption
Second estimate confirms robust growth in Q1
Economic activity accelerated at the start of the year, according to a second GDP estimate released by Spain’s Statistical Institute (INE) on 28 June. The economy grew a seasonally-adjusted 0.7% from the previous quarter in Q1, up a notch from the 0.6% expansion recorded in Q4 and confirming the preliminary reading.
Both domestic and external demand underpinned Q1’s expansion. After contracting 0.2% quarter-on-quarter in Q4, fixed investment recovered in Q1, expanding 1.4% in quarter-on-quarter terms on the back of a strong rebound in machinery and equipment investment. Moreover, private consumption kept pace, expanding 0.4% quarter-on-quarter (Q4: +0.4% quarter-on-quarter), as did government spending growth (Q1: +0.4% qoq; Q4: +0.4% qoq).
Meanwhile, despite muted export growth (Q1: +0.0% qoq; Q4: +0.7% qoq), the external sector also positively contributed to growth as import growth of goods and services dropped 0.3% on a quarterly basis (Q4: +0.0% qoq).
The economy is seen losing some steam this year amid the maturing business cycle. Healthy, albeit slowing, consumer spending should underpin the overall expansion, fueled by sustained job creation and gradually rising incomes. The main downside risks stem from political uncertainty, a cooling tourism sector, the possibility of a hard Brexit and global trade conflicts.
FocusEconomics panelists project growth of 2.3% in 2019, which is up 0.1 percentage points from last month’s forecast, and 1.8% in 2020.
Spain - Consumption Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Consumption (annual variation in %) | -3.2 | 1.5 | 3.0 | 2.8 | 2.5 |
Spain Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.41 | 5.62 % | Jul 10 |
| Exchange Rate | 1.13 | 0.65 % | Jul 11 |
| Stock Market | 9,280 | -0.74 % | Jul 11 |
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Economic News
Spain: Industrial production slows in May
July 5, 2019
Industrial production rose 1.4% year-on-year in seasonally- and calendar-adjusted terms in May, moderating from April’s 1.8% increase.
Spain: Composite PMI remains at five-and-a-half-year low in June
July 3, 2019
Reflecting diverging performances in the manufacturing and services sectors, the IHS Markit composite Purchasing Managers’ Index (PMI) remained at May’s five-and-a-half year low of 52.1 in June.
Spain: Current account deficit widens in April
June 28, 2019
Spain’s current account balance recorded a deficit of EUR 413 million in April, smaller than the EUR 1.3 billion shortfall recorded in April 2018 but much greater than the EUR 107 million deficit logged in March.
Spain: Retail sales growth hits seven-month high in May
June 28, 2019
Retail sales rose 3.1% in year-on-year terms in May, marking a seven-month high and following the softer 1.9% upturn logged in April.
Spain: Second estimate confirms robust growth in Q1
June 28, 2019
Economic activity accelerated at the start of the year, according to a second GDP estimate released by Spain’s Statistical Institute (INE) on 28 June.
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