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Final Q1 GDP Revised One Tenth Higher

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Spain Q1 Final GDP was stronger than expected on both a quarterly and annual basis. GDP was revised to 0.8% Q/Q SWDA (vs 0.7% cons, ) and 2.5% Y/Y (vs 2.4% cons).

  • The strong Spanish activity levels come following analysts forecasts of improving growth over the next few quarters of 0.5% Q/Q and economic sentiment remaining above the long term average.
  • The press release notes that national demand's contribution to Q/Q GDP was revised up from 0.2pp to 0.3pp, whilst confirming external demand drove quarterly growth in Q1 as it did during the flash reading, contributing 0.5pp to the 0.8% Q/Q print.
  • Export growth was 3.3% Q/Q while imports grew 2.2%.

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Spain Q1 Final GDP was stronger than expected on both a quarterly and annual basis. GDP was revised to 0.8% Q/Q SWDA (vs 0.7% cons, ) and 2.5% Y/Y (vs 2.4% cons).

  • The strong Spanish activity levels come following analysts forecasts of improving growth over the next few quarters of 0.5% Q/Q and economic sentiment remaining above the long term average.
  • The press release notes that national demand's contribution to Q/Q GDP was revised up from 0.2pp to 0.3pp, whilst confirming external demand drove quarterly growth in Q1 as it did during the flash reading, contributing 0.5pp to the 0.8% Q/Q print.
  • Export growth was 3.3% Q/Q while imports grew 2.2%.