The Spanish economy grew by 0.7% in the first quarter of the year, the same as in the previous quarter, and accelerated its year-on-year progress by three tenths, up to 2.4%, according to the National Accounting data preview published this Tuesday by the National Institute of Statistics (INE).
The national demand contributed 2.2 points to the year-on-year GDP growth, its highest contribution since the second quarter of 2022, while external demand contributed two tenths. With this rebound, the Spanish economy has accumulated 12 consecutive quarters of year-on-year increases.
For its part, the quarterly increase in GDP of 0.7% was fundamentally based on the foreign sector, that It contributed five of seven tenths of growth.
The INE has revised the quarter-on-quarter growth in the fourth and third quarters of 2023to 0.7% and 0.5%, and has reduced the advance of the first quarter of last year by one tenth, to 0.4%.
It has also revised the interannual growth of the fourth quarter of 2023 up by a tenth, to 2.1%, and one tenth down from the first quarter of last year, to 4%.
Investment pulls quarterly GDP
During the first quarter of the year, household consumption grew by 0.3%the same as in the previous quarter, while public spending contracted 1%, showing its first negative quarterly rate since the second quarter of 2022.
The investmentfor its part, increased 2.6% between January and March after two negative quartersrecording its largest rebound since the first quarter of 2023.
Specifically, the investment in housing increased 3% quarterly, in contrast to the falls of the previous two quarters, while investment in machinery and capital goods advanced by 3.7%, compared to the decline of 4.3% in the fourth quarter of 2023.
For their part, the Exports increased 2.4% between January and Marchfour tenths less than what they did in the previous quarter, while imports rose by 1.1%, a rate 1.3 points lower than that of the October-December 2023 period.
He GDP at current prices stood at 1,462,070 million euros in 2023, 8.6% more than in 2022. In the fourth quarter of 2023, it reached 375,161 million euros, a figure 10,345 million euros higher than the previous quarter and the highest in the historical series.
GDP accelerates its year-on-year growth to 2.4%
In interannual rate, GDP in the first quarter grew by 2.4%, which is three tenths more than in the previous quarter.
He Household consumption maintained its year-on-year growth at 2.3%, while public spending increased by 3%, a rate 1.1 points lower than that of the fourth quarter of 2023. Investment, for its part, advanced 1.8% year-on-year, three tenths less than in the previous quarter.
The Exports and imports returned to negative rates after falling 1.1% and 1.7%respectively, in contrast to the advances of 1.1% and 1.6% in the previous quarter.
The employment of the economy, in terms of National Accounting, increased 3.4% year-on-year, five tenths less than in the previous quarter. In quarterly terms, it fell 0.1% after six consecutive quarters of advances.
For its part, the number of hours actually worked decreased by 0.3% between January and March and increased 1.3% year-on-year, one point less than it did in the last section of 2023.
Follow the Diario AS channel on WhatsAppwhere you will find all the sport in a single space: the current news of the day, the agenda with the latest news of the most important sporting events, the most outstanding images, the opinion of the best AS brands, reports, videos, and some humor from time to time.
