# Spain Q2 quarterly GDP growth revised to 1.5% from 1.1%
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-09-23
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Spain's GDP Growth Surges in Q2
Meta Description: Spanish GDP growth was revised up to 1.5% in the second quarter, driven by strong exports and a rebound from the winter slump. Learn more here.
URL: https://financedigest.com/spain-q2-quarterly-gdp-growth-revised-to-1-5-from-1-1html

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MADRID (Reuters) -Spanish GDP grew faster in the second quarter than originally estimated, compared with the prior quarter, reflecting a healthy Easter rebound from the winter months and a more robust export rise, data from the National Statistics Institute showed on Friday.

INE upgraded quarterly growth in the period to 1.5% from an original 1.1% while the year-on-year growth figure was revised to 6.8% from 6.3%, after it recalculated the GDP historical series in 2020 and 2021.

INE also revised down first quarter data to a 0.2% quarterly contraction from 0.2% growth, although annual growth was revised upward to 6.7% from 6.3%.

Economy Minister Nadia Calvino attributed the first [quarter contraction](https://www.financedigest.com/german-gdp-contracted-by-0-4-in-the-fourth-quarter.html "German GDP contracted by 0.4% in the fourth quarter") to “the impact of the pandemic, transport walkouts and the start of Russia’s war in Ukraine.

The strong upward revision makes it likelier for [economic growth](https://www.financedigest.com/addressing-the-credit-gap-to-unlock-economic-growth-in-africa.html "Addressing the credit gap to unlock economic growth in Africa") to reach the government’s 4.3% target for the full year, despite high inflation – above 10% – and signs of an economic slowdown that started to emerge after the summer.

Growth in the second quarter was supported by external demand, with year-on-year [export growth](https://www.financedigest.com/russias-rosatom-sees-2022-exports-growth-at-15-report.html "Russia’s Rosatom sees 2022 exports growth at 15% – report") of more than 23%.

The hotel, catering and [construction industries](https://www.financedigest.com/women-entrepreneurship-in-the-construction-industry.html "Women Entrepreneurship in the Construction Industry") performed solidly in the second quarter, after slowing for months due to restrictions during the latest COVID-19 outbreaks between Christmas and early 2022.

(Reporting by Marta Serafinko and Belén Carreño; Editing by Inti Landauro and Edmund Klamann)


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