Spain continues economic recovery with 0.4% GDP growth in second trimester

The Spanish economy grew 0.4% between April and June 2023 according to GDP data released by Spain's National Statistics Institute on Friday. 

This growth is less intense than the one registered in the first trimester of the year when it stood at 0.5%.

The interannual variation of the Spanish GDP grew by 1.8% during the second trimester. More than two points lower than the data registered between January and March, when it stood at 4.2%

This is the first time after the state of alarm, declared by Spanish authorities due to the Covid-19 pandemic, that interannual GDP has grown below 2%.

The Spanish economy has also noticed the push given by internal demand, which grew by 1.9% in the second trimester of the year. That is mainly due to a better inversion in construction and infrastructure.

However, the input in the GDP made by exports was only of 0.3 points, that is 2.5 less than during the first trimester of the year.