Breaking Economic News: Spain’s Strong Q1 GDP Growth Exceeds Expectations and Fueled by Investment, Household Consumption, and Exports
The Spanish economy has shown strong growth in the first quarter of the year, with a 0.7% increase in Gross Domestic Product (GDP). This exceeded expectations, as the Bank of Spain predicted a 0.4% rebound and BBVA Research forecast between 0.3% and 0.5%. The interannual rate also showed a significant rebound of 2.4%, the highest figure in the past year.
The National Institute of Statistics (INE) revised data for the fourth quarter of last year slightly upwards to 0.7%, while President Pedro Sánchez and Minister of Economy Carlos Body have celebrated these positive economic figures, emphasizing the country’s growth and job creation potential.
The government’s official forecast for the year is a 2% growth, but other research services predict slightly lower or higher figures. Despite this, both officials have expressed their confidence in meeting their growth objectives for 2024, thanks to the strong performance of the Spanish economy in recent quarters.
According to Minister Body, key drivers of the economy include investment, household consumption, and exports. These positive economic indicators reflect the dynamism and resilience of the Spanish economy in an uncertain global environment.
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