Spain | GDP grew 1.1% q/q in 2Q22, despite headwinds

Summary

The economy accelerated more than expected (to 1.1% q/q) due to strength in private consumption and construction. However, there are some less positive elements on the demand side, as growth was constrained by a decline in machinery and equipment investment and goods exports

Key points

• Key points:
• The recovery gained traction at the end of the first half of the year
• Domestic demand led the advance in activity
• Positive surprises in private consumption and construction more than offset negative ones in equipment investment and exports
• Hours worked and productivity increased

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