- Household consumption chains five quarters of rise with an annual rate of 3.5%, the highest since the end of 2006
- Employment increases 2.8%, at the fastest pace in almost eight years, and salary per employee rises 0.9%
The Spanish economy recorded a 0.9% quarter-on-quarter advance in the first quarter of 2015, two tenths higher than the last quarter of 2014, according to data published by the National Statistics Institute (INE). In year-on-year data, the GDP increased 2.7%, seven tenths more than in the previous quarter and the highest rate since the first quarter of 2008. The recovery of the Spanish economy that chains six quarters in growth and consolidation is consolidated. with a profile in acceleration. The contribution of national demand has been strengthened by three tenths, to three percentage points, while the foreign sector has decreased its negative contribution to GDP by four tenths, to -0.3 points. Employment increased for the fourth consecutive quarter to 2.8%, the highest rate in almost eight years. In the last twelve months, 458,000 full-time equivalent jobs have been created.
Among the components of national demand, the recovery of private consumption and investment is consolidated. Household consumption expenditure grew 3.5% year-on-year, a rate higher by one tenth than the previous quarter and the highest since the end of 2006. On the other hand, investment in fixed capital experienced an annual growth of 6%, higher by nine tenths than in the fourth quarter of 2014. By types of assets, materials grew 6.7% in the first quarter, 1.2 points more than in the previous quarter, while property products intellectual slowed 1.1 points, scoring a 2% rate. In turn, the greater dynamism of material fixed assets is explained by the behavior of the construction investment, which increased from 2.4% in the last quarter of last year to 4.9% in the first of 2015. Investment in capital goods and cultivated assets grew at a strong pace, 9.4% year-on-year, although more moderate than in the previous quarter. On the other hand, the consumption expenditure of the Public Administrations increased slightly in the first quarter of the year, 0.1% year-on-year, after the 0.5% decrease of the previous quarter.
The lower detraction of net external demand The annual growth of GDP was due both to the acceleration of exports and the deceleration of imports. Thus, exports increased 5.7%, one point more than in the fourth quarter of 2014, while imports advanced 7.4%, three tenths less than in the previous quarter.
Among the components of national demand, and in inter-quarterly terms, the rate of progress in final household consumption expenditure moderated two tenths, to 0.7%, and gross fixed capital formation increased 1.3% , one tenth less than in the fourth quarter of 2014. The slight deceleration of investment in fixed capital is explained by the lower dynamism of investment in equipment and intellectual property products, which attenuated its growth rate half a point and two tenths, respectively, up to 1.4% and 0%. On the contrary, construction investment showed a more expansive tone, increasing 1.5%, one tenth more than in the previous quarter. On the other hand, the final consumption expenditure of the Public Administrations in volume increased 1.6% in the inter-quarterly rate, after decreasing 1% in the previous quarter.
In inter-quarter terms, exports grew by 1%, after the null variation of the previous quarter, and imports showed an expansive behavior (0.8%) after decreasing 0.6% between October and December 2014. In turn , the rebound in exports is explained by the strong dynamism of exports of services (9.1%), partially offset by the decline in goods (-2.3%).
From the supply perspective, the industry GVA increased 1.8% in the first quarter in quarterly terms, after the stabilization of the previous quarter. The GVA of the services sector grew 0.6%, two tenths less than in the previous quarter, and that of construction moderated the intensity of increase by 1.7 points, to 1.4%. The GVA of agriculture, on the other hand, registered a positive rate of 0.4%, compared to the fall of the previous quarter (-4.5%).
The inter-quarterly rate of job creation, in terms of full-time equivalent jobs, increased again in the first quarter, one tenth, to 0.8%. In year-on-year terms, employment grew for the fourth consecutive quarter, 2.8%, a rate that had not been reached since the third quarter of 2007. In the last year, 458,000 full-time equivalent jobs have been created. As a consequence of the evolution of GDP and employment, productivity per employee attenuated the tenth year-on-year rate of decline, to -0.1%. On the other hand, the salary per employee increased 0.9%, after a 0.5% decrease in the fourth quarter of last year, so that unit labor costs increased by 1%, compared to the 0.1% decline % of the previous quarter.
The annual rate of the GDP deflator was in the first quarter of 2015 in positive territory (0.5%) after four quarters of uninterrupted falls. This increase is mainly due to the increase in the deflator of public consumption (1.4%) and investment (0.5%), as well as the decrease in the deflator of imports (-2.4%).
