Spain's gross domestic product expanded 2.8 percent on quarter in the three months to June of 2021, rebounding from a 0.4 percent contraction in the previous period and beating market expectations of a 2.2 percent advance, a preliminary estimate showed. As Covid-19 cases went down, the country loosened most of the restrictions on businesses and both household consumption (6.6 percent vs -0.4 percent in Q1) and government expenditure (0.8 percent vs -0.1 percent) rebounded. Meantime, gross fixed capital formations continued to decline (-1.5 percent vs -0.8 percent) and net foreign demand contributed negatively to growth, as exports went up 0.4 percent (vs -1.7 percent in Q1) while imports rose at a faster 2.9 percent (vs -1.3 percent). Year-on-year, the economy advanced a record 19.8 percent, after a 4.2 percent drop and also above market forecasts of a 19 percent rebound. The Spanish government forecasts economic growth at 6.5% this year, despite a resurgence in Covid-19 cases. source: National Statistics Institute (INE)
GDP Growth Rate in Spain averaged 0.47 percent from 1995 until 2021, reaching an all time high of 17.10 percent in the third quarter of 2020 and a record low of -17.80 percent in the second quarter of 2020. This page provides the latest reported value for - Spain GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Spain GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2021.
GDP Growth Rate in Spain is expected to be 3.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Spain GDP Growth Rate is projected to trend around 0.70 percent in 2022 and 0.60 percent in 2023, according to our econometric models.