Spain’s Q2 economic growth remains steady from a year earlier period

The economic growth in Spain during the second quarter of this year remained steady, when compared to a year earlier period. However, it rose slightly above market expectations from a quarter ago period.

Gross domestic product climbed 0.8 percent sequentially in the second quarter, instead of 0.7 percent estimated previously, data released by statistical agency INE showed Thursday. Growth has been at 0.8 percent since the third quarter of 2015. On a yearly basis, GDP growth eased to 3.2 percent, as initially estimated, from 3.4 percent in the first quarter.

On the expenditure side, household spending rose 0.7 percent from the prior quarter, while government spending declined 1.6 percent. Growth in fixed capital formation accelerated to 1.3 percent from 0.3 percent. Further, exports of goods and services advanced 4.3 percent and imports climbed 2.7 percent.

The latest statistics come as the conservative Popular Party, in power since 2011, seeks support from other parties to try to form a government next week. Two inconclusive elections have left it running a caretaker government since December.

Meanwhile, Spain emerged from a phase of recession in late 2013 and is now European Union's one of the fastest-growing economies, although its unemployment rate of 20 percent remains the EU's second-highest after Greece.