Spanish economic growth slowing down
1 September 2004, MADRID - The Spanish economy grew by 2.6 percent in the second quarter on a year-on-year basis, according to new figures published Wednesday.
1 September 2004
MADRID - The Spanish economy grew by 2.6 percent in the second quarter on a year-on-year basis, according to new figures published Wednesday.
This was slightly down from the 2.7 percent growth in the first quarter, the national statistics institute INE reported.
In terms of how each quarter of the year compared, in the second quarter the economy grew by 0.5 percent compared with the first-quarter.
INE also said that it had revised down first-quarter growth to 2.7 percent from the 2.8 percent figure which it had earlier released.
However, INE also increased the figure for growth for last year from 2.4 percent to 2.5 percent.
In the second quarter the contribution to growth by internal demand increased by 3.6 percentage points from the first-quarter figure on a 12-month basis owing mainly to strong investment.
But the contribution from foreign demand fell by 1.3 points in the second quarter after a fall of 0.9 percent in the first quarter.
Household consumption fell in the second quarter, by 3.2 percent on a 12-month basis from a fall of 3.3 percent in the first quarter.
[Copyright EFE with Expatica]
Subject: Spanish news