The Spanish economy grew 0.4% in the second quarter, one tenth less than in the previous quarter and also a tenth less than advanced at the end of July. It is the lowest rate of quarterly growth in three years, according to the National Accounts published this Monday by the National Institute for Statistics (INE).
In inter-annual terms, GDP grew 2% in the second quarter, two tenths less than in the first quarter. The INE recently revised the GDP series in the framework “Statistical Revision 2019”, generally with negative effect, as the majority of the growth data was revised downward.
The quarterly slowdown in quarterly GDP growth was a consequence of lower consumption, which increased only 0.1%, two tenths less than in the previous quarter, after household consumption stagnated and the growth in public spending slowed from 0.5% to 0.4%.
Investment (gross creation of fixed capital) fell 0.25, compared with an increase of 1.4% the previous quarter. GDP also slowed in inter-annual terms growing 2% in the second quarter, two tenths less than in the previous quarter. National demand contributed 1% to growth, nine tenths less than in the previous quarter, while external demand also contributed 1%, eight tenths more.
Employment, measured in terms work places equivalent to full time employment, slowed two tenths in annual growth, to 2.5%, which means the creation in a year of 446,000 work places equivalent to fill employment.
