The Gross Domestic Product of the Spanish economy grew by 1.5% in the second quarter of 2022

News - 2022.9.23

These data published by the National Statistics Institute (INE) show a trend of solid growth with a positive contribution from domestic demand and strong dynamism in exports. In the second quarter, domestic demand grew by 0.6%, with a positive contribution from most areas, albeit somewhat lower than the most advanced. On the external side, exports of goods and services outgrew previous estimates at 4.9%, and imports of goods and services grew by 2.6% quarter-on-quarter.

In year-on-year terms, the economy recorded GDP growth of 6.8% last year, five tenths of a percentage point higher than previously estimated.

In year-on-year terms, the contribution of domestic demand to GDP growth was 1.9 points, and foreign demand increased its contribution to 4.9 points. Domestic demand was boosted by the strong contribution of gross capital formation (1.2 points) and household consumption (1.4 points).

On the external demand side, exports of goods and services recorded a year-on-year growth of 7.9%, and imports of goods and services grew by -3%.

The GDP deflator stood at 3.6% compared with the same quarter in 2021, reflecting that, so far, there have been no second-round effects on inflation.

Employment remains buoyant

Employment data continue to reflect the dynamism of the Spanish economy, with 939,000 full-time jobs created in the last year, and a growth rate of 5.2%.

During the second quarter, employment continued to grow with an increase of 1.1% in hours worked, with increased numbers of hours worked in the industrial and services sectors. Also noteworthy is the upward revision of productivity to 3.4%.

Finally, gross national income and gross national disposable income grew by 1.5% and 1.2%, respectively, in the last quarter. In year-on-year terms, the increases were 10.3% and 10.5%.

2021 Quarterly Growth Review

The National Statistics Institute (INE) has reviewed quarterly growth for 2021, confirming last year's GDP increase to 5.5%. This increase stems from stronger-than-expected growth in all quarters of last year and confirms the acceleration of economic growth in the second half of 2021.

Likewise, growth during the first quarter of 2022 was -0.2% due to the impact of the pandemic, transport stoppages and the start of Russia's war in Ukraine.

Non official translation