GDP grows 0.2%, one tenth less than advanced

ABCMADRID Updated: 06/24/2022 09:27h
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Statistics lowers the GDP growth announced in the first quarter and confirms the slowdown in economic growth after the post-pandemic rebound. The domino effect of inflation has put
consumption in check and, in turn, the slowdown in household spending
hinders the pace of GDP growth. The Spanish economy slowed its quarterly growth two points between January and March, to 0.2%, one tenth less than expected, due to the slowdown experienced by household consumption, according to National Accounts data published this Friday by the National Statistics Institute (INE).

Specifically, the agency calculates that household consumption contracted by 2% in the first quarter, compared to the 1.5% growth registered in the last quarter of 2021.

It is the first negative rate of family spending since the first quarter of 2021, when it contracted 2.6%.

In contrast, the year-on-year growth of GDP accelerated eight tenths in the first quarter, from 5.5% in the last quarter of 2021 to 6.3%. However, this rate is one tenth lower than that advanced by Statistics in April.

The acceleration in year-on-year GDP growth is due to the greater contribution from the foreign sector and, to a lesser extent, from domestic demand. Specifically, external demand contributed 2.3 points to year-on-year GDP in the first quarter, a figure five tenths higher than that of the previous quarter, while national demand contributed 4 points, two tenths more.

Statistics has explained that the advance data for the first quarter was made from statistical indicators that offered results until February, while the results published this Friday already cover "in the vast majority of cases", the whole of the quarter.

At the end of April, the data advanced by the INE for the first quarter pointed to a quarterly GDP growth of 0.3% and an interannual rate of 6.4%, rates, in both cases, that exceeded those published by one tenth this Friday.

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