The Gross Domestic Product (GDP) increased by 0.6% in the first quarter of this year compared to the last of 2022, one tenth more than the figure advanced in April.
This is clear from the data published today by the National Institute of Statistics (INE), which show that economic activity was boosted in the first three months of the year by investment (1.8%) and the foreign sector (exports and imports advanced by 5.7% and 2.6%, respectively).
However, household consumption contracted by 1.3% and public spending fell by 1.6% after two quarters of increases.
In year-on-year terms, GDP stepped on the accelerator even more and increased its growth by 1.1 points, from 3.1% to 4.2%, a rate four tenths higher than initially estimated.
“The National Accounts data confirm what the rest of the indicators anticipated, we have already recovered the pre-pandemic GDP level, growth accelerated during the first quarter of the year, and the Spanish economy is the fastest growing in the European Union (EU). ), at a rate of 4.2%, four times more than the average”, highlighted the First Vice President and Minister of Economic Affairs, Nadia Calviño, in an assessment sent to the media.
The contribution of national demand to the interannual growth of the GDP was 1.4 points, three tenths more than in the last quarter, while external demand presented a contribution of 2.8 points, nine tenths more than in the period between October and December of last year.
Final consumption spending increased by 1.6% compared to the same period in 2022. However, this rate is 1.3 points lower than that of the previous quarter.
Household consumption experienced year-on-year growth of 1.6%, almost one and a half points less than in the previous quarter. For its part, the final consumption expenditure of the Public Administrations closed with a growth of 1.4%, although it also fell 1.1 points compared to the last quarter of 2022.
The INE indicated that the number of hours actually worked increased by 0.4% compared to the fourth quarter, in which a slight drop was recorded (0.1%). However, in year-on-year terms, growth in the number of hours actually worked moderated by 1.5 points, so its growth was limited to 1.4%.
With this, the year-on-year variation in productivity per full-time equivalent job position stood at 1.9%, while productivity per hour actually worked expanded by 2.7%.
Full-time equivalent jobs, defined as the number of hours worked divided by the average day spent in full-time jobs, increased by 0.1% compared to the previous quarter.
The INE explains this variation, “similar to that of the fourth quarter”, it is explained by “the combined effect” of the variation in hours worked and the variation in the average working day in full-time jobs, passing these average working hours in full-time jobs from a rate of 0.2% to 0.2% this quarter.
In year-on-year terms, employment posted growth of 2.3%, three tenths higher than that registered in the previous quarter, which represents an increase of 426,000 full-time equivalent jobs in one year.
The interannual variation rate of employment in industrial branches stood at 2.3%, which is six tenths less than in the previous quarter.
