Spanish GDP sees year-on-year jump of nearly 20%

Second quarter saw 2.8% increase, coinciding with the end of the state of alarm and re-opening of society and the economy

Workers in a warehouse in Bisbal del Penedès, November 2018 (by Gemma Sánchez)
Workers in a warehouse in Bisbal del Penedès, November 2018 (by Gemma Sánchez) / ACN

ACN | Barcelona

July 30, 2021 09:41 AM

Gradually, the economies of Spain and Catalonia are recovering after the crisis induced by the pandemic which brought society to a standstill.

The effects of re-opening society when the state of alarm ended in early May are being borne out in figures made public on Friday by the National Statistics Institute (INE). 

The second quarter of 2021 saw the Spanish GDP grow by 2.8%, while compared to last year, it saw a rise of 19.8%

In the first quarter of 2021, the economy had fallen by 0.4%. 

The annual variation of 19.8% is explained by the strict home confinement measures taken in 2020 and the slow re-opening of society amid the first wave of the pandemic. 

The contribution of domestic demand to year-on-year GDP growth was 20.3 points - 22 points more than in the first quarter.

Spain's vice president Nadia Calviño has hailed the strong economic recovery and pace of job creation, as the country's GDP has grown almost 3% compared to the first quarter and nearly 20% on last year. 

Spain's economy minister said, "we continue closing the gap opened by the pandemic on the road to a full recovery in 2022."

She attributed this improvement to the vaccination campaign and the Spanish government's response "economically and socially."