Spain GDP Expands 0.7% in Q2, Matches Estimates

The Spanish economy advanced 0.7 percent on quarter in the three months to June of 2016, slowing slightly from a 0.8 percent expansion in the previous three periods but in line with market expectations. It is the twelfth consecutive quarter of growth, preliminary figures showed.

Robust household spending has been boosting the recovery since late 2013, helping the country to record one of the highest growth rates in the Euro Area.

Earlier this month, the Economy Minister raised its GDP growth forecast for 2016 to 2.9 percent from an earlier 2.7 percent. The upward revision came amid political instability after inconclusive election results in December 2015 and June this year as no party had secured a majority. 

On a yearly basis, the economy expanded 3.2 percent, lower than a 3.4 percent growth in the first quarter of the year but better than market expectations of 3.1 percent. 

Spain GDP Expands 0.7% in Q2, Matches Estimates

Joana Taborda |
7/29/2016 10:19:01 AM