March 5, 2021

The Spanish economy slows its growth to 0.5% in the second quarter – La Provincia


The Spanish economy grew 0.5%in the second quarter of this year,two tenths lower than the one recorded in the first quarter, while cutting its tenth year-on-year rate, up to 2.3%, according to the quarterly progress of the National Accounts published on Wednesday by the National Statistics Institute (INE).

With the year-on-year rebound of 2.3% recorded in the second quarter of the year,the Spanish economy accumulates 22 consecutive quarters of positive interannual rates, while with the quarterly advance of 0.5%, 23 consecutive quarters of increases are accumulated.

The acting Minister of Economy and Business,Nadia Calviño has already announced that the Government will revise the GDP growth forecast for this year, currently located at 2.2%, in the next macroeconomic chart.

Although he did not specify how many tenths the estimate will be raised, he did say that it will be "in line" with the reviews made by other agencies. The European Commission has revised two tenths upward the estimate of Spain for this year, up to 2.3%, while theBank of SpainHe raised it a few weeks ago to 2.4%.

According to the INE data, the contribution of national demand to the annual growth of GDP is 1.6 points, six tenths lower than in the first quarter, while external demand presented a contribution of 0.7 points, five tenths higher to the last quarter.

Final consumption expenditure increased 1.7%With respect to the same quarter of 2018, rate one tenth higher than that of the first quarter.

Specifically, the final consumption expenditure of households experienced a year-on-year growth of 1.7%, two tenths more than in the last quarter, while the final consumption expenditure of public administrations presented a year-on-year variation of 1.9% , one tenth less than the previous quarter.

TheGross capital formation registered a 1.2% growth, 3.5 points lower than the previous quarter, while investment in tangible fixed assets grew at a year-on-year rate of 1.4%, which is four points less than in the previous quarter.

By components, investment in homes and other buildings and constructions decreased 0.9 points, from 4.3% to 3.4%, while investment in machinery, equipment and weapons systems fell 8.8 points to present a variation of -1.5%, compared to 7.3% in the previous quarter.

On the other hand,investment in intellectual property productsIt experienced a growth of 0.1%, with an increase of one tenth compared to last quarter.

Also, theexports of goods and services grew 1.7%compared to the second quarter of 2018, which represents 1.7 points more than in the previous quarter, driven by an increase in the annual rates of exports of goods (from -2.1 to 1.6%), while service exports decreased 2.7 points (from 4.8% to 2.1%).

Within these, the expenditure of non-residents in the economic territory drops two points (from 4.2% to 2.2%).

For its part,Imports of goods and services showed a variation of -0.3%compared to the same quarter of the previous year, two tenths more than in the first quarter.

This lower decrease, according to the INE, is the result of a smaller year-on-year variation in service imports (from 6.6% to 5.1%) and from imports of goods (from -2.1% to -1 ,5%).

Likewise, the expenditure of residents in the rest of the world accelerated their tenth year growth this quarter, going from 8.7% to 9.6%.

GDP at current prices increased at an interannual rate of 3.3%, growth similar to that recorded in the first quarter, while the implicit GDP deflator increased by 1% compared to the same quarter of 2018, one tenth more than in the first quarter. last quarter

Increase of 459,000 jobs in one year

For its part, the employment of the economy, in terms of full-time equivalent jobs,recorded a quarterly variation of 0.4%,three tenths lower than the one registered in the first quarter.

In year-on-year terms, employment increased at a rate of 2.5%, a rate three tenths lower than that of the first quarter, which represents an increase of 459,000 full-time equivalent jobs in one year.

According to the INE, the interannual variation of the unit labor cost stood at 2.1% in the second quarter.

Likewise, the remuneration of employees showed an annual growth of 4.8% in the second quarter, two tenths lower than the previous quarter.

Statistics attribute this result to the 2.9% increase in the number of employees, four tenths lower than the previous quarter, combined with an average salary per employee that increases 1.8%, compared to 1.6% in the first quarter.

For its part, the gross operating surplus /rentMixed gross generated in the economy grew 1.5% year-on-year, seven tenths more than in the first quarter.

Finally, the amount accrued in taxes on production and net subsidy imports registered a growth of 4.4%, compared to 5.9% in the previous quarter.

The data published by Statisticsthey are still provisionaland they will meet at a disaggregated level on September 30.

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