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Spanish Q1 economic growth slows to 0.2% q/q, 6.3% y/y, data shows
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(Reuters) -The Spanish economy grew 0.2% in the first quarter of 2022, slowing from a 2.2% growth rate in the last three months of 2021, final official data showed on Friday.
(Reuters) -The Spanish economy grew 0.2% in the first quarter of 2022, slowing from a 2.2% growth rate in the last three months of 2021, final official data showed on Friday.
On an annual basis the economy expanded 6.3%, after rising 5.5% in the fourth quarter of 2021, statistics agency INE said.
The growth rate was a whisker below a preliminary reading released by INE at the end of April that had shown output expanding 0.3% from the previous quarter and 6.4% from the first quarter of 2021.
Earlier this month, the Bank of Spain lowered its growth forecast for the full year to 4.1% from 4.5%, taking into account the impact of Russia’s invasion of Ukraine and pressure on economic activity earlier in the year stemming from the Omicron variant of COVID-19.
Spain’s economy rebounded 5.1% in 2021 from a pandemic-induced slump of -10.8% in 2020.
(Reporting by Marta Serafinko and Mariana Ferreira Azevedo, editing by Isla Binnie)
Economic growth refers to the increase in the production of goods and services in an economy over a period of time, typically measured as the percentage increase in real GDP.
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is typically measured annually as a percentage increase.
A financial community consists of individuals, institutions, and organizations that interact in financial markets, providing services such as banking, investment, and insurance.
International organizations are entities formed by countries or other organizations to work together on issues of common interest, such as economic development, trade, and humanitarian efforts.
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