CdM | The Spanish economy grew by 0.8% in the second quarter of the year, the same as in the previous quarter, and accelerated its year-on-year growth by three tenths of a percentage point to 2.9%, according to the advance National Accounts data published on Tuesday by the National Statistics Institute (INE).
Domestic demand contributed two points to year-on-year GDP growth, while foreign demand contributed nine tenths of a point. The quarterly GDP growth of 0.8% was mainly based on the foreign sector, which accounted for five of the eight tenths of a point.
On the other hand, the CPI cut its year-on-year rate by six tenths in July, to 2.8%, according to data released on Tuesday by the National Statistics Institute, due to lower electricity and food prices. Core inflation matched the general CPI rate, at 2.8%, after dropping two tenths of a percentage point compared with June. In quarter-on-quarter terms, the CPI remained at the +0.8% of the previous month.
For Bankinter analysts, ‘this is good news for the stock markets, with more economic growth and less inflation’.
