Spain's GDP grows by 0.7% in first quarter of 2024
Investment improved by 2.6%, particularly in machinery (3.7%) and housing (3%)
Spain's gross domestic product (GDP) grew by 0.7% in the first quarter of 2024, according to the Spanish National Statistics Institute (INE).
Compared to the same quarter in 2023, the GDP grew to 2.4%, three-tenths more than the previous three months.
These figures exceeded all expectations, as analysts were expecting an increase of 0.3% or 0.4%.
Spain's economy minister, Carlos Cuerpo, said these data show Spain is in an "optimal" situation, with "differential growth" despite "increased uncertainty."
Investment improved by 2.6%, especially in machinery, which grew by 3.7%, and housing, which grew by 3%.
Exports also grew by 2.4% between January and March, while imports rose slightly by 1.1%.
Consumption slowed to 2.6% year-on-year, but household consumption remained stable at 2.3%.
In contrast, government consumption fell by 1.1% to 3%.
In the labor market, the total number of hours worked increased by 1.3% compared to the previous year.