The Spanish economy accumulates three more months of growth with 0.8% in the second quarter of 2024, according to advance data published this Friday by the National Institute of Statistics (INE). Good news which adds to the upward revision carried out by the same organization for the first quarter of the year, which stands at 0.9%.
In this way, annual growth accelerates to 3.1%, which represents an increase of six tenths compared to the previous three months and becomes the highest rate since the first quarter of last year. Growth that has been observed in all sectors of activity so far this year. Of course, the manufacturing industry stands out, with an increase of 5.2% last year.
Likewise, the INE also emphasizes that this growth is balanced, with positive contributions from domestic and foreign demand. In this sense, it is necessary to highlight the positive contribution of private consumption, which presents a growth of 2.9% compared to the previous year.
The good health of private consumption, due to gains in purchasing power and the evolution of employment which has maintained dynamism in its creation, as well as in the number of hours worked, increased by 2.4 % interannual rate. Growth compatible with the improvement in hourly productivity, which increased by 0.7% in 2024 compared to 2023.
