Spain’s Economic Growth Stable At 0.7%

Spain’s economy expanded at a steady pace in the first quarter, flash estimate from the statistical office INE showed Friday.

Gross domestic product grew 0.7 percent sequentially in the first quarter, the same pace as seen in the fourth and third quarters of 2017. The rate came in line with expectations.

Year-on-year, the economic growth slowed to 2.9 percent from 3.1 percent a quarter ago. A similar slower pace was last seen in the first quarter of 2015.

Flash estimate from INE showed that consumer price inflation eased to 1.1 percent in April from 1.2 percent in March. Economists had forecast the rate to remain stable at 1.2 percent.

Inflation based on the harmonized index of consumer prices, also came in at 1.1 percent versus 1.3 percent in March. The rate was forecast to ease slightly to 1.2 percent.

Month-on-month, consumer prices rose 0.8 percent in April, slower than the 1 percent increase a year ago. The HICP gained 0.8 percent.

In a separate communiqué, the statistical office said retail sales advanced by adjusted 1.9 percent annually in March after rising 2 percent in February.

Monthly growth in retail sales doubled to 0.4 percent in March from 0.2 percent in February.

by RTTNews Staff Writer

Economic News