MADRID – Spain’s economy grew 0.6 percent in the second quarter compared to the previous three-month period, according to the flash estimate of gross domestic product growth published Wednesday by the National Statistics Institute (INE).
The country’s GDP rose 1.2 percent in the second quarter from April-June 2013, a result the INE attributed to a stronger contribution from domestic demand, which was partly offset by a decline in exports.
Spain’s economy has now grown for four consecutive quarters after languishing in recession from the first quarter of 2012 through the second quarter of 2013.
The flash estimate serves only as a guideline, according to the INE, which said it will publish data from the Spanish Quarterly National Accounts for the second quarter on Aug. 28.
The Bank of Spain had estimated last week that the Iberian nation grew 0.5 percent in the second quarter relative to the year’s first three months and 1.1 percent on an annual basis.
“The private components of domestic expenditure – consumption and business investment, essentially – were the mainstay of GDP in Q2. This prolonged a pattern prevailing since the recovery began in mid-2013, marked by the progressive strengthening of domestic demand,” the central bank said in its latest quarterly report on the Spanish economy.
On Tuesday, Economy Minister Luis de Guindos confirmed that Spain’s government in September will upwardly revise its growth projections for 2014 and 2015 to 1.5 percent and 2 percent, respectively.