The National Institute of Statistics (INE) has confirmed that the Spanish economy has grown by 0.8% in the second quarter of the year. Likewise, inflation data for the month of September increased, placing their rate at 1.5%the lowest in three and a half years, due to the price drop fuel, food and electricity.
The statistics body also revised first-quarter gross domestic product (GDP) data, increasing growth by a tenth to 0.9%.
Returning to the second quarter, this monthly increase of 0.8% translates into a Growth of 3.1% Compared to the same period last year, this is the highest rate since the first quarter of 2023.
The rebound in economic activity benefits from the positive contributions of both domestic and external demand. Especially, Private consumption recorded inter-annual growth of 2.9%favored by the increase in purchasing power and the improvement in employment. Likewise, investments increased by 2.2% last year, while exports increased by 2.6%.
Economic dynamism extends to all productive sectors, with the manufacturing industry stands out with an increase of 5.2% over the last twelve months. Job creation and hours worked also increased by 2.4% year-on-year, accompanied by an improvement in hourly productivity, which increased by 0.7%.
As far as inflation is concerned, this advance of CPI of 1.5% is eight points lower than that recorded in August. Moreover, it is the lowest level since March 2021 and is below the reference threshold of the European Central Bank (ECB). For its part, underlying inflation, which excludes the most volatile elements, also fell, reaching 2.4%.
News in update
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