Risks re­main skewed to the down­side given the per­sis­tence of in­fla­tio­nary ten­sions

Spain’s GDP Year-On-Year Change Stands At 6.3%

Spanish GDP.
Spanish GDP.

Preliminary GDP for 2Q2022 shows +6.3% YoY growth vs +5.5% YoY es­ti­mated by market con­sen­sus. In quar­te­r-o­n-­quarter terms it shows +1.1% q/q vs +0.4% q/q es­ti­mated by con­sen­sus.

Bankinter’s analysis team’s opinion:

Preliminary data better than expected. After the slowdown in 1Q2022, the second quarter has been favoured by the recovery of Services activity and international Tourism. In our Q3 2022 Strategy we revise the projections for the year to +4.0% YoY and 2.6% YoY 2023e, in any case, risks remain skewed to the downside given the persistence of inflationary tensions, the tightening of monetary policies and pending geopolitical uncertainties.

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