The Spanish economy keeps on growing and recovering step by step
The first quarter of 2014 shows an increase of the Spanish GDP of 0.4 percent, unchanged from the initial quarter-on-quarter estimate. It is the third consecutive increase and the fastest in six years, as a rebound in domestic demand was enough to offset a drop in exports.
On the expenditure side, household consumption increased 0.4 percent quarter-on-quarter and government expenditure increased 4.4 percent. Gross fixed capital formation decreased 0.6 percent, mainly due to a 3.3 percent drop in construction investment. Exports fell 0.3 percent, following three consecutive quarters of growth, while imports increased 1.5 percent.
On the production side, agriculture recorded the highest growth rate (3.2 percent), followed by financial and insurance activities (2.6 percent) and artistic and recreational activities (2.4 percent). Meanwhile, construction fell 2.6 percent, real estate activities dropped 2.1 percent and industrial production fell 0.5 percent.
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