The figure represents an increase of 1.7 points over the rate registered in the first quarter The year-on-year increase in the Gross Domestic Product (GDP) stands at 6.8% The growth is due to the greater contribution of the foreign sector and, to a lesser measure, of national demandThe Spanish economy accelerated its quarterly growth between April and June to 1.5%, which is 1.7 points above the rate registered in the first quarter and four tenths higher than the rate advanced last month July, according to National Accounts data published this Friday by the National Institute of Statistics (INE). On the other hand, the year-on-year increase in Gross Domestic Product (GDP) stands at 6.8%, compared to 6.7 % of the previous quarter. In addition, this rate is five tenths higher than that advanced by Statistics on July 29. The acceleration in year-on-year GDP growth is due to the greater contribution of the foreign sector and, to a lesser extent, of national demand. Specifically, external demand contributed 4.9 points to year-on-year GDP in the second quarter, a figure 2.1 points higher than that of the previous quarter. On its side, national demand contributed 1.9 points, which is 1.9 points less compared to the first quarter.Upward revisionThe INE explains that in the advance data for the second quarter published at the end of July, most of the indicators on the economic evolution of the quarter offered results until May. The results published this Friday by Statistics already incorporate all the statistical indicators that mark the economic evolution of the second quarter, a period affected by the war in Ukraine. At the end of July, the data advanced by the INE for the second quarter pointed to a growth quarterly GDP of 1.1% and an interannual rate of 6.3%. Following the figures updated by the INE this Friday, which improve estimates for the second quarter, the Ministry of Economic Affairs and Digital Transformation has highlighted that the The data highlights “the strength of the Spanish economy in an environment marked by the impact of Russia’s war in Ukraine.” In this sense, the Department headed by Nadia Calviño has pointed out that this good behavior is explained by the measures adopted to protect companies, families and vulnerable groups from the rise in the prices of energy and other raw materials and the advance in the deployment of l Recovery Plan.
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