The Spanish economy grew 1.5% in the second quarter of this year, after falling 0.2% in the previous three months, revealed this Friday the National Institute of Statistics (INE) of Spain, which revised the figures initially estimated.
In the case of the first three months of the year, the revision is downwards, because the Spanish INE’s initial estimate was that Spain’s Gross Domestic Product (GDP) had grown by 0.2%, which the figure released this Friday does not confirm, pointing, rather, to a contraction of the economy of 0.2%.
In relation to the second quarter of the year, the first estimate, from the end of July, was that Spain’s GDP would have grown 1.1%, four tenths less than the revised value known this Friday.
For this upward revision between April and June, the Spanish INE highlights the growth in exports (up 4.9%) and in domestic demand (up 1.2%).
In the first quarter, the Spanish economy was affected by the beginning of the war in Ukraine, with the Russian invasion of February 24, the effects of the covid-19 pandemic and strikes in transport, according to INE.
In year-on-year terms (comparing to the same periods in 2021), Spanish GDP grew by 6.8% in the second quarter and 6.7% in the first.
However, in 2021, the activity was very conditioned by restrictions due to covid-19.