Spain | GDP grew 0.3% q/q in 1Q21, below expectations

Summary

The economy slowed down more than expected in 1Q22 (to 0.3% q/q), mainly due to the weakness of private consumption. However, there are some positive elements in the composition of demand, as growth was supported by a higher-than-expected advance in investment and exports.

Key points

• Key points:
• The recovery lost traction at the start of 2022
• The rise in net external demand prevented a contraction in activity.
• Positive surprises in investment and exports failed to offset the negative one in consumption
• Employment grew, but productivity fell

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