SPAIN
Accounting Q2 2015 – INE
In the Q2, GDP increased 1% quarterly and 3.1% year-on-year, essentially because of internal demand (3.3).
- Spending on household consumption increased 3.5% year-on-year, similar to the Q1, because of increased employment (2.9%, or 477,000 new jobs) and greater family disposable income (because of a drop in the price of petroleum and interest rates, among other factors).
- Spending by the Public Administrations grew 1%, some 8 decimal points more than in the Q1, in part because of the approaching elections.
- The creation of fixed capital grew 6.1%, principally because of the demand for capital goods assets, which grew 9.2%. For its part, the investment in housing and other building improved investment in construction assets by a decimal point, to 5.1%.
The growth in exports (6%) is still surpassed by that of imports (7.2%), with the result that the contribution of the external balance to GDP growth is negative (-2 decimal points). In spite of this, the current account balance is still positive, having been compensated for by the prices of oil and other imported raw materials.
