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Spain: Growth 6.3% in the quarter, at the highest level since 1984 inflation

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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