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July 31, 2015

Growth of GDP in Spain in the second quarter of this year

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Growth of GDP in Spain in the second quarter of this year

The Spanish economy in the second quarter of this year grew by 1%, which is one tenth more than in the previous quarter, according to preliminary estimates of quarterly national accounts, released on Thursday by the National Statistics Institute (INE).

The annual rate, meanwhile, has been set at 3.1% in the second quarter of 2015, four tenths more than in the previous quarter, and so accelerating the pace of economic recovery that began in the second half of 2013. Thus, the annual GDP growth returns to levels of late 2007.

With this quarterly rise of GDP in April-June 2015 we can speak about eight consecutive quarters of economic progress, while the annual rate recorded seven positive quarters.

The statistics obtained for the second quarter of this year and published by the Central Bank of Spain in its official bulletin in June 2015 point to a quarterly growth of 1% and an annual GDP of Spain improved by 3.1%.

Given this acceleration of the recovery of the Spanish economy, which registers Spain in recent quarters, and improving the forecasts of international organizations, the government has revised its GDP growth forecasts to upwards for 2015 and 2016, to 3.3% and 3% respectively.

The INE data for the second quarter of 2015, however, are preliminary and will be published in detail on 27 August.

The Bank of Spain stands out in its June economic bulletin that the increase in activity in the second quarter of this year, is again based on the "power" of domestic demand, which in turn is developing with "more energy " thanks to the household consumption and investment in equipment and housing.

Among the components of overall GDP growth, according to the Bank of Spain, the household consumption in the second quarter of 2015 showed a quarterly increase of 0.9%, two tenths more than in the first quarter of this year, thanks to the "positive evolution" of the labor market and "progressive improvements" of financial conditions.

Therefore, thanks to increased economic activity in the first half of this year, "more positive than expected in March," the Bank of Spain increased by three tenths its forecast for GDP growth for the full year to 3.1%.

According to the leading financial institution in Spain, 3.1% growth this year will be the result of "dynamic development" of economic activity in the first half and the "gradual slowdown", which will continue next year. The moderation in growth is due to a decrease of impulse, which was obtained from lower oil prices and the rise in the course of the euro currency.

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