Wednesday. 30.11.2022
ECONOMY - GDP

Spanish GDP grew 1.5% in the second quarter of 2022

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

The First Vice President and Minister of Economic Affairs, Nadia Calvino. Photo: Ministry of Economic Affairs.
The First Vice President and Minister of Economic Affairs, Nadia Calvino. Photo: Ministry of Economic Affairs/File photo.

The gross domestic product (GDP) of the Spanish economy grew by 1.5% in the second quarter of 2022 driven by domestic demand and sales abroad, according to fresh figures released by the National Statistics Institute (INE).

For the Spanish government, these data published by the Spanish statistical office 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 a GDP growth of 6.8%, five tenths higher than previously estimated.

Compared to one year before, 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 or investments (1.2 points) and household consumption (1.4 points).

Year-on-year exports

23/09/2022. Spanish year-on-year GDP results in the second quarter of 2022. Source: INE.
Spanish year-on-year GDP results for the second quarter of 2022. Source: INE.

On the external demand side, exports of goods and services recorded a year-on-year growth of 23.1%, and imports of goods and services grew by 8.8%.

"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," the government said.

Spanish GDP grew 1.5% in the second quarter of 2022
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