Spanish GDP Confirmed Shrinking 0.1% in Q2

In the second quarter, Spain's GDP contracted 0.1 percent on a quarterly basis, in line with the flash estimate and after falling by a revised rate of 0.4 percent in Q1. GDP growth continues to be dragged down by investment and consumption, partly offset by rising external demand.

In Q2, Spain's GDP growth was reported still negative but up from the rate registered in the previous quarter basically due to a positive contribution of external demand (up by 6.0 percent). The biggest downward pressures came from gross fixed capital formation (-2.1 percent) and domestic demand (-0.1 percent). 

By output sectors, agriculture (-1.4 percent) and construction (-3.1 percent) were down compared to the previous quarter. Services (+0.2 percent) and manufacturing (+0.4 percent) returned to growth after contracting -0.3 and -0.1 percent in the previous period respectively.

On an annual basis the economy contracted by 1.6 percent, slightly better than a preliminary reading of a 1.7 percent drop and up from -2.0 percent a quarter earlier. 

Spanish GDP Confirmed Shrinking 0.1% in Q2

INE | Nuno Fontes |
8/29/2013 9:25:41 AM