The Spanish economy grew by 2.8% in the second quarter of the year, thus returning to positive values after having registered a 0.4% decline in the first quarter due to the impact of the third wave of Covid and the storm ‘ Filomena ‘.
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According to the advance of National Accounting data published this Friday by the National Institute of Statistics (INE), the Spanish economy grew by 2.8% between April and June compared to the previous quarter, mainly due to the boost in consumption.
In addition, in the interannual rate, GDP soared in the second quarter, after the halt suffered in 2020 due to the impact of the pandemic. Specifically, the Spanish economy rebounded 19.8% year-on-year, compared to the 4.2% drop experienced in the previous quarter, which is 24 points above that registered in the first quarter of 2021.
With this year-on-year rebound of 19.8%, the trend is broken after five consecutive quarters of negative year-on-year rates that began in the first quarter of 2020 due to the effect of the pandemic on economic activity.
Domestic demand added 20.3 points to year-on-year GDP, 22.9 points higher than in the first quarter, while external demand had a negative contribution of 0.5 points, 1.1 points more than in the previous quarter.
At current prices, GDP rose 21.1% in the interannual rate, a rate 24.1 points higher than that registered in the first quarter of this year. In any case, the INE explains that the advance data is prepared with the information available until May, as well as with some results advanced to June.
This fact, he points out, together with the difficulty that a change in the situation such as the Covid crisis has posed for statistical measurement, “suggests that future reviews of the results published today may be of a greater magnitude than usual” .
Employment in the economy, measured in hours worked, increased by 4.4% compared to the previous quarter, while full-time equivalent jobs decreased by 0.2%, due to the rise in hours worked and the increase in employment. half day.
Investment in tangible fixed assets shows an interannual rate of 22.7%, which is 26.6 points more than in the previous quarter. By components, investment in homes and other buildings and constructions increased 21.1 points, from −10.7% to 10.4%, and investment in machinery, capital goods and weapons systems increased 39.1 points presenting a variation of 45.3%, compared to 6.2% in the previous quarter.