Spain GDP Growth Confirmed At 0.7%

(RTTNews) - Spain's economy grew at a slightly faster pace in the June quarter, as initially estimated, underpinned by robust domestic demand, final data from the statistical office INE showed Friday.

Gross domestic product rose 0.7 percent in the second quarter, which was slightly faster than the quarterly growth of 0.6 percent seen in the first quarter. The rate came in line with the estimate published on July 30.

Domestic demand contributed 1.1 percentage points to growth, while external demand contributed negatively by 0.5 percentage points.

Household spending and government expenditure climbed 1.2 percent and 0.5 percent, respectively. Meanwhile, gross fixed capital formation was up 1.7 percent.

Exports of goods and services posted a quarterly growth of 1.0 percent, while imports grew more sharply by 2.6 percent.

On a yearly basis, economic growth was revised down to 2.6 percent from 2.7 percent in the second quarter. The rate was similar to that of the previous quarter.