The position of Spain as an outstanding student among the great European economies is strengthened. GDP grew by 0.8% between April and June, according to the final data published Friday by the National Statistics Institute (INE). The figure is a tenth superior to the advance last July, thus ratifying that Spain dodged with note one of the most agitated quarters of recent times at the international level, more than 100 countries shortly after the month of April. The improvement of the activity is 3.1% if compared to the same quarter of a year ago, three tenths more than expected initially.
In the domestic sphere, everything was much more placid than in the international. The economy continued to create a job at full speed ,. The strong pull of the labor market is pushing the national demand, which contributed the eight tenths of growth of the activity, compared to the practically null advance of external demand. Thus becomes the great vector that growth is supported today, thanks to the rebound to the consumption of families (0.8%) and investment (1.8%).
From the Ministry of Economy they estimate that the data “certifies the dynamism of the Spanish economy”, which accumulates eight quarters growing 0.6% or more. And that he is seeing how time runs in his favor: every time the review of a statistic is undertaken, the result is favorable. This happened recently with the GDP of 2024, running three tenths, up to 3.5%.
That is translating into greater external attention to the Spanish model. In 2024, the national economy was responsible for 40% of all the growth registered in the euro zone, and this course is on its way to repeat in the hands of the solid household expense and the increase in investment.
These two variables have taken over as public consumption engines and exports: the final consumption spending of households increased 0.8% in the second quarter, while that of public administrations did only 0.1%. In the case of shipments abroad of goods and services, its expansion has slowed down. They rose 1.3%, which represents 1.1 points less than in the first quarter. For their part, imports grew 1.6%, four tenths less than in the preceding quarter.
The final stretch of the year must confirm the good moment that the Spanish economy passes. For now, September has been a month of good news: the risk premium dropped from the 55 points thanks to the improvement of S&P rating, and investors already ask for less profitability to the Spanish debt than the French, which can help reduce the invoice in interest. In addition, both the Bank of Spain and the Organization for Economic Cooperation and Development (OECD), raised the annual growth forecast for Spain in two tenths, placing it both in 2.6%. The Government also reviewed its numbers: it is committed to an advance of the activity of 2.7%, a tenth more than before.
That myriad of positive data faces, however, an international environment full of risk. Donald Trump woke up on Thursday night a tariff agenda that seemed asleep after the recent commercial agreements signed by the United States, already drugs, heavy trucks and kitchen and bathroom furniture.
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