© Reuters. Tourists walk on a shopping street in central Malaga, Spain, April 28, 2022. REUTERS/John Nazca
MADRID (Reuters) – Spain’s gross domestic product grew faster in the second quarter than originally expected, compared to the previous quarter, data from the National Statistics Institute showed on Friday, reflecting a healthy Easter recovery from the winter months and a stronger increase in exports.
The National Institute of Statistics raised the quarterly growth rate in the period to 1.5% from the original 1.1% while the annual growth figure was revised to 6.8% from 6.3%, having recalculated the historical series for GDP in 2020 and 2021.
The National Institute of Statistics also revised down first-quarter data to a 0.2% quarterly contraction from 0.2% growth, although the annual growth was revised upwards to 6.7% from 6.3%.
Economy Minister Nadia Calvino attributed the contraction in the first quarter to “the impact of the pandemic, transport strikes and the start of the Russian war in Ukraine.”
The strong upward adjustment makes economic growth likely to reach the government’s 4.3% target for the full year, despite rising inflation — above 10% — and signs of an economic slowdown starting to emerge after the summer.
Growth in the second quarter was supported by external demand, with exports growing year-over-year by more than 23%.
The hotel, restaurant and construction industries performed strong in the second quarter, after slowing for several months due to restrictions during the recent COVID-19 outbreak between Christmas and early 2022.