Madrid, Spain (4E) – The Spanish economy expanded in the second quarter, the fastest rate in six years, which contrasts the rest of the euro area where growth was generally flat.
Spain’s gross domestic product (GDP) is expected to rise 0.5 percent in the second quarter, according to the Bank of Spain statement released Wednesday, compared with the previous period, an increase from the 0.4 percent gain in the first quarter. The figure is the preliminary official estimate for the three months through June.
The faster-than-estimated economic recovery was driven by a gradual recovery in domestic consumption, the Bank of Spain said. The bank predicts the economy to grow 1.3 percent this year and 2 percent in 2015, slightly higher than previous forecasts of 1.2 percent and 1.7 percent, respectively.
Preliminary data shows that the external sector continued to be a positive contributor to second-quarter growth despite rising imports, the Bank of Spain said on Wednesday.