Spain | No signs of slowdown for the moment

Summary

GDP growth could be between 0.6% and 0.7% t/t in 2Q19, which, if confirmed, would introduce an upward bias on BBVA Research's growth forecast for 2019 (2.2% a/a). Domestic spending continues to lead economic activity, although exports could have regained some traction

Key points

• Key points:
• Despite uncertainty, GDP maintains a high rate of growth
• Domestic demand leads growth supported by consumption and residential investment
• External demand recovers some traction, although uncertainty persists
• The recovery of the labor could be losing momentum as 2Q19 goes by
• Inflation fell in May and will decrease again in June

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