The Spanish economy grew more than expected in the second quarter as the easing of coronavirus restrictions boosted activity in the services sector.
The eurozone’s fourth-largest economy grew 1.1% in the second quarter from the previous quarter, after a mild 0.2% growth in the first quarter.
Economists had expected GDP growth in the quarter of 0.3%.
The Spanish economy “ran” at a rate of 6.3% on an annual basis in the second quarter, after the corresponding increase in the first quarter. Estimates were for growth of 5.4%.
Also, in a separate announcement, it is stated that inflation strengthened in July, exceeding estimates, while recording a record on a harmonized basis.
In particular, consumer prices rose 10.8% year-on-year (by European standards), more than the 10.5% expected by analysts.
In June, inflation stood at 10%.
By national standards, inflation also stood at 10.8% year-on-year, after rising to 10.2% in June.
This is the highest level since September 1984.
Core inflation stood at 6.1% in July from 5.55 in June. This is the highest level since January 1993.
Source: Capital
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