According to a preliminary estimate from the National Institute of Statistics (INE), Spain's economy demonstrated consistent growth in the first quarter. The gross domestic product (GDP) exhibited an expansion of 0.7 percent compared to the previous quarter, mirroring the revised growth from the fourth quarter.
Contrary to economists' predictions, which forecasted a decline in GDP growth to 0.4 percent from an initially estimated 0.6 percent in the last quarter, the growth remained steady. In terms of yearly growth, economic expansion surprisingly improved to 2.4 percent from the previous 2.1 percent. The growth rate was predicted to decrease to 1.9 percent.
Looking at expenditure, household spending saw an increase of 0.3 percent over the quarter, while government consumption declined by 1.0 percent. Gross fixed capital formation rose by 1.3 percent. Exports and imports experienced growth of 2.4 percent and 1.1 percent respectively.
