Spain 2Q GDP Growth Revised Down Significantly
By Xavier Fontdegloria
The Spanish economy in the second quarter grew more slowly than
previously thought, at less than half the pace of the initial
estimate, signaling that the recovery from the Covid-19 pandemic
has been weaker than expected.
Spain's gross domestic product rose 1.1% in the second quarter
compared with the previous three-month period, according to a
second estimate released by the country's statistics office INE on
Thursday. This was down from the 2.8% initially estimated.
Lower growth in household spending, along with higher imports,
prompted the big downward revision, the data showed.
On an annual basis, the Spanish economy grew 17.5% in the
quarter, according to the second estimate, down from 19.8%
The Spanish government expects the economy to expand 6.5% this
year and to return to pre-pandemic levels by the end of 2021. The
revision for the second quarter, however, is likely to weaken
In 2020, Spain's economy contracted by 10.8%, one of the
sharpest declines in the eurozone.
Write to Xavier Fontdegloria at firstname.lastname@example.org
(END) Dow Jones Newswires
September 23, 2021 06:17 ET (10:17 GMT)
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