Economic activity

Spain fairs better than the euro area in the current slowdown

The Spanish economy’s GDP grew by 0.5% quarter-on-quarter in Q2 (2.3% year-on-year). Second quarter growth was 1 decimal point lower than that of Q1, but notably higher than that of the main European economies. In the breakdown by component, the biggest surprise was the positive contribution of the foreign sector (especially given the deterioration of the international environment seen in recent quarters). Private consumption, meanwhile, continued its gradual slowdown (0.3% quarter-on-quarter, 1.7% year-on-year), consistent with a scenario in which consumers are moderating their rate of spending following several years in...