Exports and imports grow at a moderate pace
Spain's Gross Domestic Product (GDP) experienced growth of 0.7% in the first quarter of 2024 compared to the previous quarter, according to seasonally adjusted data from the National Statistics Institute (INE). This rate remains similar to that registered in the last quarter of 2023.
Domestic demand, key to growth:
- Domestic demand contributed positively to GDP growth with 0.2 percentage points.
- External demand, for its part, contributed 0.5 points.
- Regarding the components of domestic demand, household final consumption spending grew by 0.3%, while that of Public Administrations fell by 1.0%.
- Gross capital formation increased by 1.3%.
- Both exports of goods and services (2.4%) and imports (1.1%) registered positive variations.
All productive sectors grow:
- From a supply perspective, all major economic sectors recorded positive growth in their added value.
- Industrial branches increased 1.6% quarter-on-quarter, highlighting the manufacturing industry, which accelerated its growth to 2.2%.
- The gross added value of construction grew by 2.0% quarter-on-quarter, while that of services increased by 0.3%.
- The primary branches experienced a quarter-on-quarter variation of 2.5%, compared to 5.3% in the previous quarter.
Annual growth of 2.4%:
- In year-on-year terms, the Spanish economy grew 2.4% this quarter, three tenths more than in the previous quarter.
- National demand contributed 2.2 points to this growth, while external demand contributed 0.2 points.
- By components of domestic demand, final consumption spending slowed down two tenths compared to the previous quarter, registering an annual growth of 2.6%.
- Gross capital formation experienced a variation of 1.1%, 1.1 points higher than that of the previous quarter.
- Exports of goods and services presented an interannual rate of -1.1%, while imports registered a variation of -1.7%.
Employment and productivity:
- The number of hours actually worked increased by 1.3% year-on-year, one point less than in the previous quarter.
- Full-time equivalent jobs increased by 3.4% year-on-year.
- Productivity per full-time equivalent job registered an interannual rate of -0.9%, while productivity per hour actually worked was 1.1%.
In general, INE figures show positive growth in the Spanish economy in the first quarter of 2024, driven mainly by domestic demand. The economic recovery remains underway, despite the slowdown in exports and the moderation of domestic consumption.
For more information, consult the INE:
Press Release
