Tepid Growth in Spain’s GDP Continues in Q2 2023

The latest release of the quarterly National Accounts for Spain indicates that the country’s Gross Domestic Product (GDP) experienced a modest variation of 0.4% in the second quarter of 2023 compared to the previous quarter in terms of volume. This growth rate is a tenth lower than the one recorded in the first quarter.

The data, part of the CNTR (Contabilidad Nacional Trimestral de España) report for the second quarter of 2023, shows that the Spanish economy’s expansion remains somewhat subdued. While there has been a positive upturn, it indicates a slower pace of growth compared to the preceding quarter.

Technical Note on Sources and Methods Incorporated in the Q2 2023 CNTR Advance Report:

  • Quarterly Variation Annual Variation
  • GDP at market prices: 1.8% (Year-on-year) 0.4% (Quarter-on-quarter)
  • Full-Time Equivalent Employment: 2.9% (Year-on-year) 1.3% (Quarter-on-quarter)

The CNTR report also highlights that the data has been adjusted for seasonal and calendar effects to provide a more accurate representation of the underlying economic trends.