GDP per capita in Spain
Spain - GDP per capita (Euros)
Growth slows in Q2 on weaker domestic demand
Economic activity moderated in the second quarter, according to an advance GDP estimate released by the National Statistics Institute (INE) on 31 July. The economy grew a seasonally-adjusted 0.5% from the previous quarter in Q2, easing from the robust 0.7% expansion recorded in Q1.
Waning domestic demand drove the overall deceleration. Private consumption softened slightly, expanding 0.3% quarter-on-quarter (Q1: +0.4% quarter-on-quarter) amid slower employment growth in Q2. Similarly, public spending growth dipped to a two-and-a-half year low (Q2: +0.2% qoq; Q1: +0.4% qoq). Meanwhile, fixed investment contracted 0.2% from the previous quarter (Q1: +1.4% qoq), mainly due to a marked fall in machinery and equipment investment.
In contrast, the external sector performed strongly, despite the wider pullback in the Eurozone. Exports of goods and services grew 1.8% quarter-on-quarter, marking the fastest clip in over two years, after having stagnated in the previous quarter. Imports, meanwhile, recovered and rose a solid 1.0% on a quarterly basis (Q1: -0.3% qoq).
Looking ahead, growth is expected to ease this year as the business cycle matures. Domestic demand is set to underpin overall activity, with sustained, albeit slightly slowing, job creation powering household spending. Political and policy uncertainty, a tourism industry which is past its peak and the possibility of a hard Brexit cloud the outlook.
The INE will release the second GDP estimate on 30 September.
The Central Bank expects the economy to grow 2.2% in 2019 and 1.9% in 2020. FocusEconomics Consensus Forecast panelists project that GDP will expand 2.3% this year, which is unchanged from last month’s forecast. In 2020, panelists see the economy growing 1.8%.
Spain - GDP per capita (EUR) Data
|GDP per capita (EUR)||22,014||22,340||23,296||24,111||25,132|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||0.07||5.62 %||Sep 03|
|Exchange Rate||1.10||0.65 %||Sep 04|
|Stock Market||8,857||-0.74 %||Sep 04|
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September 11, 2019
Industrial production rose 0.8% year-on-year in seasonally- and calendar-adjusted terms in July, moderating from June’s 1.6% increase.
September 4, 2019
Largely reflecting faster growth in the services sector, the IHS Markit composite Purchasing Managers’ Index (PMI) rose to 52.6 in August from 51.7 in July, which had marked the lowest print in nearly six years.
August 30, 2019
Spain’s current account balance recorded a surplus of EUR 2.1 billion in June, well above the EUR 1.5 billion surplus recorded in June 2018 but below the EUR 2.7 billion surplus logged in May.
August 30, 2019
Retail sales rose a strong 4.7% year-on-year in July, following the revised 0.4% increase logged in June (previously reported: +0.3% year-on-year) and marking a nine-month high.
August 26, 2019
Negotiations to form a government drag on nearly four months after the general election.