The economy has once again surprised positively with a growth of 0.8% in the second quarter, compared to the previous quarter, according to the INE (National Institute of Statistics) on Tuesday. The GDP (Gross Domestic Product) growth is equal to that of the first quarter – when it also surprised upwards with 0.8% – and remains the most notable among the main partners of the Eurozone.
The forecasts of the Government and the majority of institutions and analysis centres indicate that our country’s GDP will grow by 2.4% for the year as a whole, leading the developed countries. “This growth remains balanced, with a very positive contribution from our foreign sector and a progressive moderation of prices,” says Carlos Cuerpo, Minister of Economy, Trade and Business.
In fact, this Tuesday it was revealed that inflation fell six-tenths of a percentage point in July, to 2.8% (in this case compared to the same month last year), a low not seen since February.
In the GDP growth between April and June, the contribution of the “excellent performance of the foreign sector, which reflects the dynamism and competitiveness of our companies” stood out, according to Cuerpo. However, the data from the National Accounting Office highlight the good performance of all branches of activity, especially the manufacturing industry.
On an interannual basis, GDP grew by 2.9%, compared to 2.6% in the previous quarter. Domestic demand contributed 2.0 points to this interannual growth (which compares this quarter with the same one in 2023) and external demand contributed 0.9 points, according to the INE.
Throw away consumption and throw away investment
Private consumption, for its part, has been boosted by gains in purchasing power and the evolution of employment. Meanwhile, investment has increased – one of the greatest weaknesses of our economy in this phase of expansion – especially in capital goods and housing.
“These figures, together with the excellent development of employment, which has allowed us to reach a record of more than 21.6 million people in employment, confirm the strength of the Spanish economy, with strong and balanced growth, higher than that of our main partners,” said the Minister of Economy.
“There is still much work to be done, but the reforms and economic policy measures are allowing us to maintain excellent macroeconomic data, which are also being transferred to micro data, improving the economic situation and prospects of families and companies,” concludes Cuerpo.
Source: www.eldiario.es
