GDP in Spain
Spain - GDP
The economy enters 2019 on solid footing
Economic activity picked up at the start of the year, according to an advance GDP estimate released by the National Statistical Institute (INE) on 30 April. The economy grew a seasonally-adjusted 0.7% from the previous quarter in Q1, accelerating from the 0.6% expansion recorded in Q4 and showing resilience yet again amid the slowdown gripping the Eurozone.
Both domestic and external demand contributed to Q1’s expansion. After a 0.2% quarter-on-quarter contraction in Q4, fixed investment recovered in Q1, advancing a solid 1.5% in quarter-on-quarter terms on the back of a strong rebound in machinery and equipment investment. That said, private consumption slowed, albeit slightly, expanding 0.3% quarter-on-quarter (Q4: +0.4% quarter-on-quarter), while government spending growth held steady in the quarter (Q1: +0.4% qoq; Q4: +0.4% qoq).
Meanwhile, although the external sector fared relatively well, this was mainly due to a decline in imports amid softer consumer demand. Imports of goods and services dipped 1.1% on a quarterly basis, following muted growth in Q4 (Q4: +0.0% qoq) and marking the sharpest fall in over eight years. Exports also contracted in Q1, albeit to a lesser extent than that of imports (Q1: -0.5% qoq; Q4: +0.7% qoq).
Going forward, although growth is seen easing this year amid the maturing business cycle, it should remain healthy and above that of the major Eurozone economies. Household spending, buttressed by sustained job creation and gradually rising real incomes, is expected to underpin overall activity. A tourism industry which is past its peak and heightened political uncertainty are key downside risks to the outlook.
The INE will release the second GDP estimate on 28 June.
The Central Bank expects the economy to grow 2.2% in 2019 and 1.9% in 2020. Met the why particular Consensus Forecast panelists project that GDP will expand 2.2% this year, which is unchanged from last month’s forecast. In 2020, panelists see the economy growing 1.9%.
Spain - GDP Data
|Economic Growth (GDP, annual variation in %)||-1.7||1.4||3.4||3.3||3.1|
5 years of economic forecasts for more than 30 economic indicators.
Spain GDP Chart
Source: National Statistical Institute (INE).
|Bond Yield||0.57||5.62 %||Jun 12|
|Exchange Rate||1.13||0.65 %||Jun 13|
|Stock Market||9,247||-0.74 %||Jun 13|
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June 5, 2019
Largely reflecting slower activity growth in the manufacturing sector, the IHS Markit composite Purchasing Managers’ Index (PMI) declined to a five-and-a-half-year low of 52.1 in May from 52.9 in April.
June 5, 2019
Industrial production rose 1.7% year-on-year in seasonally- and calendar-adjusted terms in April, rebounding from March’s revised 3.0% contraction (previously reported: -3.1% year-on-year).
May 31, 2019
Spain’s current account balance recorded a tiny surplus of EUR 26 million in March, smaller than the EUR 389 million surplus recorded in March 2018 but much greater than the EUR 2.8 billion deficit logged in February.
May 30, 2019
Retail sales rose 2.0% in year-on-year terms in April, marking a six-month high and following the soft 0.2% upturn logged in March.
May 30, 2019
The Spanish Board of Architects approved 9,115 new construction permits in March, according to data published by the Ministry of Public Works.