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Macroeconomic outlook report: Spain

Second quarter of 2019

During the second quarter of 2019, the year-over-year growth of Spanish GDP decreased by 0.12 p.p. to 2.25%. Domestic demand drove GDP performance this quarter. In the labor market, the unemployment rate decreased by 0.68 p.p. compared to the previous quarter, to 14.02%. On the other hand, employment registered a year-over-year growth of 2.38% during this quarter, 0.78 p.p. lower than in 1Q19. In terms of prices, inflation stood at 0.90%, after a quarterly decline of 0.23 p.p. Regarding the exchange rate, the euro depreciated against the dollar in 2Q19, standing at an average rate of 1.13 $/€.

Macroeconomic overview

  • In 2Q19, the Spanish economy registered a y/y growth rate of 2.25%, which meant a deceleration of 0.12 p.p. compared to 1Q19.
  • Domestic demand explained GDP performance during this quarter, after a reduction of 0.62 p.p. of its growth rate when compared to 1Q19, to 1.58% during 2Q18.
  • The unemployment rate stood at 14.02% during the second quarter, after a decrease of 0.68 p.p. over the previous quarter, while the year-over-year growth rate of employment stood at 2.38% after declining by 0.78 p.p.
  • The euro depreciated against the dollar during 2Q19 by 0.01 $/€ when compared to 1Q19, achieving an average exchange rate of 1.13 $/€.
  • With regard to inflation, in 2Q19 CPI growth stood at 0.90%, after a quarterly decline of 0.23 p.p.

For more information, click here to access the executive document in pdf (only avalaible in Spanish).

© GMS Management Solutions, S.L., 2020. All rights reserved. The information contained on this publication is of a general nature and does not constitute a professional opinion or an advisory service. The data used in this publication come from public sources. GMS Management Solutions, SL assumes no liability for the veracity or accuracy of such data.