© Reuters. Tourists walk along a shopping street in central Malaga, Spain, April 28, 2022. REUTERS/Jon Nazca
MADRID (Reuters) -Spanish GDP grew faster in the second quarter than originally estimated, compared with the prior quarter, reflecting a healthy Easter rebound from the winter months and a more robust export rise, data from the National Statistics Institute showed on Friday.
INE upgraded quarterly growth in the period to 1.5% from an original 1.1% while the year-on-year growth figure was revised to 6.8% from 6.3%, after it recalculated the GDP historical series in 2020 and 2021.
INE also revised down first quarter data to a 0.2% quarterly contraction from 0.2% growth, although annual growth was revised upward to 6.7% from 6.3%.
Economy Minister Nadia Calvino attributed the first quarter contraction to “the impact of the pandemic, transport walkouts and the start of Russia’s war in Ukraine”.
The strong upward revision makes it likelier for economic growth to reach the government’s 4.3% target for the full year, despite high inflation – above 10% – and signs of an economic slowdown that started to emerge after the summer.
Growth in the second quarter was supported by external demand, with year-on-year export growth of more than 23%.
The hotel, catering and construction industries performed solidly in the second quarter, after slowing for months due to restrictions during the latest COVID-19 outbreaks between Christmas and early 2022.