Spain’s Q2 GDP growth revised from 1.1% from 1.1% to 1.5%

© Reuters. Tourists walk along a shopping street in central Malaga, Spain, April 28, 2022. REUTERS / Jon Nazca

MADRID (Reuters) – Spain’s GDP grew faster in the second quarter than initially estimated, compared with the previous quarter, reflecting a healthy Easter recovery from the winter months and strong exports. more, data from the National Institute of Statistics showed Friday.

INE lifted quarterly growth for the period to 1.5% from the initial 1.1% while the adjusted annual growth figure from 6.3% to 6.8% from 6.3 %, after it recalculates the GDP history series in 2020 and 2021.

INE also revised down first-quarter data to a 0.2% quarterly decline from 0.2% growth, although year-over-year growth was revised from 6.3% to 6.7%.

Economy Minister Nadia Calvino attributed the decline in the first quarter to “the impact of the pandemic, the traffic jams and the start of Russia’s war in Ukraine”.

The sharp upward adjustment makes it possible for economic growth to hit the government’s 4.3% target for the full year, despite high inflation – above 10% – and signs of a recession starting to emerge later. summer.

Growth in the second quarter was supported by external demand, with annual export growth of more than 23%.

The hospitality, foodservice and construction sectors performed stably in the second quarter, after slowing for several months due to restrictions during the latest COVID-19 outbreak from Christmas to early 2022.

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