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2025-07-29 16:13:44
Spain's GDP growth accelerated in the second quarter, outperforming other Eurozone countries. (1) Preliminary data from the Spanish National Statistics Institute showed that GDP grew by 0.7% quarter-over-quarter in the second quarter, exceeding the 0.6% growth in the first quarter and the market expectation of 0.6%. Year-over-year growth was 2.8%, exceeding the expected 2.5%. (2) The service sector was the primary driver of quarterly growth, with significant growth in retail, accommodation, and transportation, and a rebound in construction and manufacturing, but agriculture contracted. (3) The unemployment rate fell to 10.29% during the same period, the lowest level since early 2008. (4) Spain's strong economic performance, primarily driven by a booming tourism industry, stands in stark contrast to weak growth in France, Germany, Italy, and the eurozone as a whole. The market expects zero GDP growth in the eurozone in the second quarter, with only 0.1% growth in France and Italy and a 0.1% contraction in Germany. (5) The Spanish government maintained its full-year growth forecast of 2.6%.
