Spain's GDP grows by 0.8% in second quarter of 2024

Spain's GDP grew by 0.8% in the second quarter of 2024, according to preliminary data released Tuesday by the National Statistics Institute (INE).

This growth rate is consistent with the previous month, when GDP also increased by 0.8%.

The annual growth rate reached 2.9%, an increase of three tenths from the previous quarter.

Exports of goods and services grew by 1.2%, while imports fell by 0.2%. 

The industrial sector grew by 0.4% compared to the previous quarter, while the manufacturing sector slowed down to 1.1%, a decline of 1.2 percentage points.

Construction grew by 0.1%, 1.7 percentage points less than in the previous quarter, while services grew by five-tenths of a percentage point to 0.9%.

The Spanish government expects GDP to grow by 2.4% by the end of the year.

Economy minister Carlos Cuerpo emphasized that the government's economic reforms and policies are "maintaining excellent macroeconomic data".