The economy stops a tenth, up to 0.4%, in the second quarter - La Provincia

TheSpanish economy grew 0.4% in the second quarter, one tenth less than in the previous quarter and also one tenth less than advanced at the end of July. It is the slowest quarterly growth rate in three years, according to the National Accounts published Monday by the National Statistics Institute (INE).

In annual terms, GDP advanced 2% in the second quarter, two tenths less than in the first. The INE recently reviewed the GDP series in the framework of the'Statistical Review 2019',with generally negative effects, since a good part of the growth data was revised downwards.

Thequarterly slowdownGDP growth was the result of a lower increase in consumption, which only advanced 0.1%, two tenths less than in the previous quarter, after stagnating household consumption and reducing the pace of growth of public spending, since 0.5% to 0.4%.

For its part, thegross fixed capital formation (investment)decreased 0.2%, compared to the 1.4% increase experienced in the first quarter.

The GDP also stepped a bit on the year-on-year brake by showing a 2% growth in the second quarter, two tenths less than in the previous quarter.National demand contributed a point to growth,nine tenths less than in the first quarter, while external demand contributed another point, eight tenths more.

Employment, measured in terms of full-time equivalent jobs, slowed down two tenths year-on-year growth, up to 2.5%, which represents thecreation in a year of 446,000 jobsfull time equivalents.

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