The Spanish economy accelerated its growth to 0.5 percent in the first quarter of this year

The the Spanish economy grew by 0.5% in the first quarter of the year, a tenth more than in the previous quarter, thanks to the progress of investments and exports, as household consumption decreased by 1.3%, and public spending by 1.6%.

Compared to the previous year, GDP stepped on the accelerator even more and raised growth by nine tenths, from 2.9% to 3.8%, according to advanced National Accounts data published this Friday by the National Institute of Statistics (INE).

He Ministry of the Economy he pointed out that this GDP acceleration was the result of an increase in exports and investments and that it happened “in an international context of great uncertainty”, marked by the consequences of the Russian war in Ukraine, which shows, in his opinion, the “great strength and resilience” of the Spanish economy.

Likewise, the Department that directs Nadia Calvino He emphasized that Spain “practically reached the level of GDP before the pandemic”, the only indicator awaiting recovery.

According to Statistics, in the first quarter, national demand contributed 1.3 points to year-on-year GDP growth, three tenths more than in the previous quarter, while external demand contributed 2.5 points, six tenths more.

On a quarterly basis, the Spanish economy grew by 0.5%, one tenth more than in the internal quarter. INA data is prepared in advance with data available until February in most cases, although estimates of indicators for the month of March based on administrative data and other additional sources are also included.