Forex News

Economic growth in Spain is stable at the level of 0.7%

In the first quarter, Spain’s economy increased at a steady pace, according to preliminary data from the statistical office of INE.

Gross domestic product in the first quarter grew by 0.7 percent, the same growth rate that was observed in the fourth and third quarters of 2017. The indicator met expectations.

Year on year, economic growth slowed to 2.9 percent from 3.1 percent in the previous quarter. Similar slower rates were observed in the first quarter of 2015.

Preliminary data from INE showed that consumer price inflation fell to 1.1 percent in April from 1.2 percent in March. Economists predicted that the rate will remain stable at 1.2 percent.

Inflation, based on the harmonized consumer price index, also reached 1.1 percent, compared with 1.3 percent in March. It was assumed that the figure will drop slightly to 1.2 percent.

In monthly terms, consumer prices in April rose by 0.8 percent, which was slower than the 1 percent growth a year ago. The harmonized index increased by 0.8 percent.

In a separate report, the Statistical Office reported that retail sales grew by 1.9 percent year-on-year in March after rising by 2 percent in February.

Monthly retail sales growth in March doubled to 0.4 percent from 0.2 percent in February.