Exports influenced this economic growth
Spain's economy grew by 0.7% in the first quarter of the year, similar to the previous quarter – its growth rate was revised upwards by a tenth – mainly due to the recovery. Business investment And good progress Exports.
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According to the National Accounts data published by the National Institute of Statistics (INE) this April 30, the growth was supported External demand (Exports and Imports), which contributed 0.5 points, and to a lesser extent domestic demand, which contributed 0.2 points.
Business investmentl increased by 4.2 pointsUp to 2.6%, leaving a negative landscape in the last three months of 2023, and investment in housing, building and construction, etc., rose to 3% from a 0.3% decline in the fourth quarter.
Household consumption maintained growth of 0.3% and general government final expenditure got down 1%, leaving the positive territory of the fourth quarter, when it increased 1%.
Exports increased by 2.4%Imports rose 1.1%, down from 2.8% in the previous quarter, 3.5 points lower than in the fourth quarter of 2023.
Carlos Badi, Minister of Economy, Trade and Commerce, after learning of these data, said that the Spanish economy “Strong growth in the first months of the year” and additionally highlighted that “this was balanced with a positive contribution from domestic and external demand”.
“The good performance of the Spanish economy at the end of last year and the good data for the first quarter put us in a position optimal to meet the planned growth objective of 2% in 2024,” Corporio said in a statement, stressing that the data “shows different growth depending on the main economies of the euro zone”.
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