The Spanish economy expanded by 0.7% quarter-on-quarter in Q2, up from 0.6% in Q1 and above market expectations of 0.6%, according to preliminary estimates. The figures highlight the economy’s continued resilience and solid growth momentum.
On the expenditure side, household consumption rose by 0.7% (vs 0.6% in Q1), government spending increased by 0.3% (vs 0.6%) and investment grew by 0.5% (vs 0.1%). Exports advanced 0.8% (vs -0.6%), while imports also rebounded, rising 0.6% (vs -0.9%).
On the production side, all major sectors recorded gains. Industrial activity rose 1.0% (vs 0.4%), with manufacturing output up 0.7% (vs 0.4%). Construction activity increased 0.6% (vs -0.2%), and the services sector grew 0.8%, matching the previous quarter’s pace. The primary sector posted more modest growth of 0.2%, following a strong 3.3% increase in Q1.
Year-on-year, GDP expanded by 2.7%, in line with the pace of the previous three quarters and above forecasts of 2.5%. The Spanish government expects economic growth to remain above 2% through 2029.
