Spain's economy expanded less than estimated in the first quarter, final data from the statistical office INE showed on Friday.
Gross domestic product grew 0.2 percent sequentially, slower than the 0.3 percent expansion estimated on April 29. The quarterly growth rate has eased notably from 2.2 percent in the fourth quarter of 2021.
Year-on-year, economic growth accelerated to 6.3 percent from 5.5 percent in the fourth quarter. Nonetheless, the first quarter rate was revised down slightly from 6.4 percent. The expenditure-side breakdown showed that household spending decreased 2.0 percent on quarter, while government spending edged up 0.1 percent.
Gross capital formation advanced 2.3 percent, slower than the 3.6 percent rise in the prior quarter. Exports gained 1.1 percent, while imports dropped 0.8 percent.
Earlier this month, the Bank of Spain downgraded its growth outlook for this year to 4.1 percent from 4.5 percent and the forecast for 2023 was lowered to 2.8 percent from 2.9 percent.
