On Friday, National Statistics Institute said that Spanish GDP grew faster in the second quarter of the year than initially estimated. Data from the National Statistics Institute reflects a healthy Easter rebound from the winter months and a robust export rise.

INE upgraded quarterly growth to 1.5 per cent from an original 1.1 per cent, while the year-on-year (Y-o-Y) growth figure was revised to 6.8 per cent from 6.3 per cent. National Statistics Institute also revised down first quarter data to a 0.2 per cent quarterly contraction from 0.2 per cent growth, however, although annual growth was revised upward to 6.7 per cent from 6.3 per cent.

Nadia Calvino, the Economy Minister, attributed this first quarter contraction to the impact of the pandemic, the start of Russia’s war in Ukraine, and transport walkouts. The strong upward revision, despite high inflation, makes it likelier for economic growth to reach the government’s 4.3 per cent target for the year.

Moreover, growth in the second quarter was supported by external demand, with Y-o-Y export growth of more than 23 per cent. The construction, hotel, and catering industries performed solidly in the year’s second quarter after slowing for months due to restrictions imposed during the COVID-19 outbreaks between Christmas and early 2022.