• In interannual terms, Spain doubles the growth of the euro area (2.4% vs. 1.2%). In quarter-on-quarter terms, growth is also much higher than in the euro area (0.7% vs. 0.4%)
  • The dynamism of the labor market is prolonged, with a quarter-on-quarter increase in employment of 0.7% and 2.8% year-on-year

The National Institute of Statistics (INE) has certified that the Spanish economy accelerated in the first quarter of the year, registering a growth of the Gross Domestic Product (GDP) with respect to the previous quarter of 0.7%. This quarter-on-quarter growth rate is one tenth higher than that of the fourth quarter of 2018.

Spain continues to maintain growth above the euro area average, which registered a quarter-on-quarter increase in GDP of 0.4% in the first quarter of the year, and of our main community partners. In year-on-year terms, GDP growth rose to 2.4%, also a tenth higher than the previous quarter and twice the rate registered in the euro zone, which stood at 1.2%.

Domestic demand contributed 2.2 points to the year-on-year growth of GDP in the first quarter. By component, final consumption expenditure grew 1.6% year-on-year.

Gross fixed capital formation maintains an expansive tone, with year-on-year growth of 4.7%, three tenths above the year-on-year growth of the last quarter of last year. Investment in tangible fixed assets grew at a year-on-year rate of 5.4%, mainly driven by the greater dynamism of investment in machinery, capital goods and weapons systems.

For its part, external demand contributed 0.2 percentage points to year-on-year growth, four tenths more than last quarter.

The INE data show the dynamism of the labor market. The creation of employment increased one tenth in the first quarter to 0.7% quarter-on-quarter, which meant that the year-on-year growth stood at 2.8%. This increase has allowed the creation of 510,000 full-time equivalent jobs in the last year.

Quarterly non-financial accounts of the institutional sectors

The Spanish economy recorded a need for financing compared to the rest of the world of 4,500 million euros in the first quarter of 2019, according to data published today by the INE. If seasonal and calendar effects are eliminated, the Spanish economy has a financing capacity of 1% of GDP.

Gross national income reached 295,552 million euros in the first quarter of the year, which represents an increase of 2.9% over the same period of 2018. The gross national disposable income reached 291,107 million euros, with a growth of 2.5% year-on-year.

The rate of saving of households rises in this period with respect to the previous quarter and stands at 5.4% of their disposable income, with corrected series of seasonal and calendar effects.

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