GDP in Spain
Spain - GDP
Second estimate significantly revises down Q2 growth
A second estimate revealed that the economy grew 1.1% on a seasonally-adjusted quarter-on-quarter basis in Q2—a much softer increase than the 2.8% expansion reported in the preliminary release, but still contrasting the 0.6% contraction recorded in the first quarter. In year-on-year terms, the economy grew 17.5% in Q2, down from the preliminary estimate of a 19.8% rise but swinging from the 4.2% drop recorded in Q1, helped by a very low base effect.
The revision was predominantly driven by a more moderate increase in household spending, although it remained robust amid the lifting of restrictions, stronger consumer confidence and growing employment numbers. Private consumption rose 4.7% on a quarterly basis, down from the preliminary estimate of 6.6% but swinging from the 2.2% drop logged in Q1. Meanwhile, government consumption increased 0.9% from the prior quarter (Q1: +0.4% s.a. qoq), likely due to higher spending on healthcare. However, fixed investment declined 2.2% quarter-on-quarter as investment in tangible fixed assets, housing, and machinery and equipment fell, likely due to uncertainty over the government’s economic policies (Q1: +0.1% s.a. qoq).
Meanwhile, the external sector made a negative contribution to growth due to imports expanding at a sharper pace than exports. Exports of goods and services rose a timid 0.9% (Q1: +0.3% s.a. qoq) amid a still-subdued tourism industry. Imports, meanwhile, were up 4.2% in quarterly terms (Q1: +0.4% s.a. qoq), highlighting strengthening domestic demand.
Our panelists project the economy to grow 6.3% in 2021, which is down 0.1 percentage points from last month’s forecast, and 6.1% in 2022, which is unchanged from last month’s estimate.
Spain - GDP Data
|Economic Growth (GDP, annual variation in %)||3.8||3.0||2.9||2.4||2.0|
5 years of economic forecasts for more than 30 economic indicators.
Spain GDP Chart
Source: National Statistical Institute (INE).
|Bond Yield||0.46||5.62 %||Dec 31|
|Exchange Rate||1.12||0.65 %||Dec 31|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
October 7, 2021
Industrial output grew 1.8% year-on-year in seasonally- and calendar-adjusted terms in August, which was a deterioration from July's 3.3% increase.
October 6, 2021
The IHS Markit composite Purchasing Managers’ Index (PMI) dropped from 60.6 in August to 57.0 in September, reflecting milder growth in both the services and the manufacturing activity.
October 1, 2021
The Spanish Board of Architects approved 10,280 new construction permits in July, according to data published by the Ministry of Public Works.
September 30, 2021
Spain’s current account balance recorded a surplus of EUR 2.5 billion in July 2021, above the EUR 1.8 billion surplus logged in July 2020 and June 2021’s EUR 0.6 billion surplus.
September 30, 2021
Retail sales slid 0.1% year-on-year in August (July: +0.1% yoy).