The Spanish economy maintained its growth in the first quarter of the year and the Gross Domestic Product (GDP) up 0.7%. This is certified by the progress of the National Accounting for the first three months published today by the National Institute of Statistics (INE), which represents a new upward surprise given that the Bank of Spain, for example, expected a rebound of 0 .4% and BBVA Research forecasts a figure of between 0.3% and 0.5%. In an interannual rate, the rebound was 2.4%, which is the highest figure in the last year.
The INE, in addition, has revised the data for the fourth quarter of last year slightly upwards, since until now it estimated a rebound of 0.6% and Now he points out that the figure is 0.7%. All of this shows that the economy is resisting more strongly than previously estimated.
For now, the official forecast of the Executive is that the country will grow by 2% for the year as a whole, while the aforementioned research services of the Bank of Spain and BBVA predict 1.9% and 2.1%, respectively. . But with these figures it is not ruled out that revisions may occur and that, from now on, the estimates that are known will be higher.
From the Government, both the President of the Executive, Pedro Sánchez, and the Minister of Economy, Carlos Body, have celebrated the figures. Sánchez underlined them during the interview he gave in La Ser, where he stressed that “there are jobs” and that the country “is growing.” Body, for its part, has pointed out that the data is a sample of the “strong dynamism of the Spanish economy” in an “environment marked by uncertainty.
“The good performance of the Spanish economy during the end of last year and the good data for the first quarter puts us in an optimal position to meet the growth objective planned for 2024, of 2%,” added Body. “These data confirm our differential growth with respect to the main economies of the euro zone, which is especially relevant in the international environment of high uncertainty,” they underline from Economa.
The minister also points out the “growth in investment, especially in capital goods and housing, with a growth of 3.7% and 3%, the household consumption, driven by gains in purchasing power and the evolution of employment; and exports, reflecting the strong competitiveness of Spanish companies”.