22.09.202311:50:00UTC+00Spain GDP Expands More Than Estimated

Spain's?economy?grew more than initially estimated in the second quarter, the latest data from the statistical office INE showed Friday.

Gross domestic product, or GDP, advanced 0.5 percent from the previous quarter, when the economy expanded 0.6 percent. That was above the 0.4 percent increase in the flash data published earlier.

Further, the economy has been growing since the first quarter of 2021.

On the expenditure side, household final consumption expenditure advanced 0.9 percent over the quarter, and government expenditure showed a growth of 1.6 percent.

Data showed that gross fixed capital formation grew 1.9 percent, but slower than the 3.1 percent rise in the March quarter. Meanwhile, both exports and imports declined by 3.2 percent and 2.1 percent, respectively.

On a yearly basis, GDP growth moderated to 2.2 percent in the second quarter from 4.2 percent in the first quarter. In the initial report, the rate of growth for the June quarter was 1.8 percent.