Spain Q2 preliminary GDP +2.8% vs +2.2% q/q expected

Latest data released by the National Statistics Institute – 30 July 2021

  • Prior (Q1) -0.4%
  • GDP +19.8% vs +19.0% y/y expected
  • Prior -4.2%

That’s a solid beat on estimates as the Spanish economy expanded at a faster pace than expected in Q2, helped by looser restrictions on businesses. This just adds to the optimism that the economic performance in the region is much better than what most predict, though it remains to be seen if that can carry over to Q3 once pent-up demand eases.
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