Preliminary GDP for 2Q2022 shows +6.3% YoY growth vs +5.5% YoY estimated by market consensus. In quarter-on-quarter terms it shows +1.1% q/q vs +0.4% q/q estimated by consensus.
Bankinter’s analysis team’s opinion:
Preliminary data better than expected. After the slowdown in 1Q2022, the second quarter has been favoured by the recovery of Services activity and international Tourism. In our Q3 2022 Strategy we revise the projections for the year to +4.0% YoY and 2.6% YoY 2023e, in any case, risks remain skewed to the downside given the persistence of inflationary tensions, the tightening of monetary policies and pending geopolitical uncertainties.