Domestic demand and, specifically, final consumption by households have driven the Spanish economy. In the second quarter, Gross Domestic Product (GDP) increased by 0.7%, one-tenth above the previous quarter, according to data provided by the National Statistics Institute (INE).
From the Ministry of Economy, Trade and Industry, they highlight the "strength" of domestic demand, as well as the "solidarity" of the labour market and the "high dynamism" of investment as elements that have favoured the good performance of the Spanish economy in the second quarter.
This allows, as they point out, that so far this year there is an accumulated advance of 2.2%, which "favours" the Government's forecast of a 2.6% growth by the end of the year. According to the latest forecasts from major international organisations, "Spain continues to lead among the major advanced economies in a context still marked by international uncertainty," they add.
In detail, domestic demand contributed 1.1 points to the quarter-on-quarter growth, while external demand had a contribution of -0.5 points. By demand aggregates, household final consumption expenditure increased by 1.2% and accelerated nine-tenths compared to the previous quarter, reaching its highest rate since the third quarter of 2024, and that of Public Administrations increased by 0.5%. Gross capital formation recorded a variation of 1.7%.
For its part, exports of goods and services showed a quarter-on-quarter rate of 1%, one-tenth more, while imports recorded a variation of 2.6%, a rate 2.5 points higher than that of the previous quarter.
On the supply side, all major sectors of activity showed positive quarter-on-quarter rates in their added value, except for primary sectors. Thus, industrial sectors increased by 0.7%, with the manufacturing industry recording an increase of 0.5%, one-tenth less. The gross added value of construction increased by 1%, 1.3 points more, and that of services maintained a rate similar to that of the first quarter, at 0.7%. Primary sectors recorded a quarter-on-quarter variation of -0.1%, compared to 4.2% in the previous quarter.
Regarding incomes, the remuneration of wage earners increased by 1.6% quarter-on-quarter and the number of full-time equivalent wage earners increased by 0.7%. Full-time equivalent wage earners grew by 0.8%. Average remuneration had a growth of 0.9%.
For its part, gross operating surplus/mixed gross income decreased by 0.3% on a quarter-on-quarter basis.
The amount accrued in taxes on production and imports net of subsidies recorded a year-on-year increase of 1%.
The number of hours actually worked grew by 1.1%. Full-time equivalent jobs increased by 0.4% in quarter-on-quarter terms. For its part, productivity per full-time equivalent job registered an increase of 0.3% this quarter, while productivity per hour actually worked decreased by 0.4%.
