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.

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Spain GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.80 -0.40 17.10 -17.80 1995 - 2021 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2021-03-26 08:00 AM QoQ Final Q4 0.0% 17.1% 0.4% 0.4%
2021-04-30 07:00 AM QoQ Flash Q1 -0.5% 0% -0.5% -0.3%
2021-06-24 07:00 AM QoQ Final Q1 -0.4% 0.0% -0.5% -0.5%
2021-07-30 07:00 AM QoQ Flash Q2 2.8% -0.4% 2.2% 2%
2021-09-23 07:00 AM QoQ Final Q2 -0.4% 2.8% 2.8%
2021-10-29 08:00 AM QoQ Flash Q3 3.2%
2021-12-23 08:00 AM QoQ Final Q3


News Stream
Spain Economy Rebounds More than Expected
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.
2021-07-30
Spain Economy Contracts Less than Initially Thought
Spain's gross domestic product shrank 0.4 percent on quarter in January-March 2021, slightly less than previous estimates of a 0.5 percent contraction, after remaining unchanged in the previous three-month period. The economy fell back into contraction during that period, as the tightening of restrictions amid another wave of Covid-19 infections led to declines in both consumption expenditure (-0.6 percent vs 0.0 percent in Q4) and investment (-0.8 percent vs 1.0 percent).
2021-06-24
Spain Economy Contracts in Q1 on Covid Restrictions
Spain's gross domestic product shrank 0.5 percent on quarter in the three months to March 2021, after being unchanged in the previous period and in line with market expectations, a preliminary estimate showed. The country has imposed restrictions to combat the spread of COVID-19, leading to declines in both consumption expenditure (-1.0 percent vs 0.0 percent) and investment (-1.9 percent vs 1.0 percent).
2021-04-30
Spain Economic Recovery Stalls in Q4
Spain's gross domestic product was unchanged in the fourth quarter of 2020, compared with a preliminary estimate of a 0.4 percent expansion. This followed a record 17.1 percent expansion in the previous three-month period and an unprecedented contraction of 17.9 percent in the second quarter. Household consumption stalled (vs 21.4 percent in Q3), while fixed investment advanced 1.0 percent (vs 21.5 percent in Q3), driven by intellectual property products and machinery, equipment, weapons systems and cultivated biological resources. In addition, public spending growth was unchanged at 1.3 percent. Meanwhile, net external demand contributed negatively to the GDP, as exports rose less than imports. Year-on-year, the economy shrank 8.9 percent. Considering 2020 full year, the economy contracted 10.8 percent.
2021-03-26

Spain GDP Growth Rate
Spain is the fourth largest economy in the Euro Zone and the fifth biggest economy in the European Union. The country has a strong and diverse manufacturing industry and is one of the biggest tourist destinations in the world. On the expenditure side, household consumption is the main component of Spain's GDP (58 percent), followed by gross fixed capital formation (21 percent) and government expenditure (18 percent). Within investments, tangible fixed assets account for 18 percent of GDP, including construction (10 percent) and machinery, equipment and weapon system (7 percent); and intellectual property products account for the remaining 3 percent. Exports of goods and services account for 34 percent of GDP while imports account for 31 percent, adding 3 percent of total GDP.