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Spanish economy beats growth forecast on the back of strong exports



The growth rate is one of the highest in the eurozone where it is the fourth biggest economy.

The Bank of Spain had forecast economic growth of 0.6 percent for the April-June period and the preliminary INE national statistics institute figures announced Tuesday matched the revised 0.8 percent growth seen in the first three months of 2024.

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Growth was driven by a 1.2 percent rise in exports and higher business investment, which rose by 0.9 percent after expanding 2.6 percent in the previous three months.

READ ALSO: ‘No longer black sheep’ – Tourism boosts Spain an other ‘Club Med’ economies

Higher household spending also helped, rising 0.3 percent, down slightly from a 0.4 percent expansion in the previous quarter.

The Spanish government this month increased its growth forecast for the economy this year to 2.4 percent from 2.0 percent.

The news comes a few days after it was announced that total number of people employed in Spain had risen by 434,700 people in the second quarter to hit a new record of 21.68 million people in work.



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