By Belén Carreño
(Reuters) -The Spanish financial system confirmed energy in comparison with friends within the first half of the yr, with progress of 0.9% within the first quarter and 0.8% within the second quarter, in response to revised knowledge printed on Friday by the Nationwide Statistics Institute (INE).
The revision introduced the annual progress price as much as 3.1%, consistent with the federal government’s upward revision of two.7% for the yr, following successive revisions by private and non-private organisations.
Analysts anticipated progress of two.9%, in response to a Reuters ballot.
In distinction, euro zone friends grew 0.3% within the second quarter of the yr and the outlook for 2024 is at 0.8%.
Opposite to the weak point seen in different euro zone international locations, the Spanish financial system confirmed its resilience to rate of interest hikes, with non-public consumption rising by 1%, contributing to the advance in home demand.
Funding grew by solely 0.3% on a quarterly foundation, regardless of the deployment of European Union restoration funds.
Companies had been a powerful driver of the financial system within the second quarter, with motels and eating places rising by 2.6%.
However trade additionally improved its efficiency, notably manufacturing, which grew by 1.5% quarter-on-quarter because it benefitted from falling power costs and gained competitiveness towards different EU international locations.