Quarterly National Spanish Accounts

In terms of volume, Gross Domestic Product (GDP) increased by 0.8% in the second quarter compared with the previous quarter. This rate was one tenth lower than that of the first quarter of 2024.

Domestic demand contributed by 0.7 points to quarter-on-quarter GDP growth. On the other hand, external demand contributed by 0.1 points.

By demand aggregates, household final consumption expenditure grew by 1.0% and that of Public Administrations by 0.7%. On the other hand, gross fixed capital formation recorded a variation of 0.3%.

While exports of goods and services increased by 0.7%, imports rose by 0.6%.

On the supply side, all large sectors showed positive rates in their added value, except for primary branches. Thus, industrial branches grew by 1.1% quarter-on-quarter. Among them, manufacturing industry moderated its rate by seven tenths compared with the previous quarter, to a growth of 1.5%.

The gross value added of Construction increased by 0.6% quarter-on-quarter, 1.1 points less than in the previous quarter. And that of Services accelerated by seven tenths, to 1.2%.

On the other hand, primary branches recorded a quarter-on-quarter variation of -2.9%, compared to 4.4% in the previous quarter.

The year-on-year GDP variation was 3.1% for this quarter, six tenths more than that of the previous quarter.

Domestic demand contributed by 2.4 points to year-on-year GDP growth. On the other hand, external demand contributed by 0.7 points.

In terms of aggregates, final consumption expenditure moderated by five tenths compared with the previous quarter, increasing by 2.9% year-on-year. Household expenditure increased by three tenths, with a rate of 2.5%, and Public Administrations recorded a rate of 4.0%, 1.1 points less than in the previous quarter.

On the other hand, gross fixed capital formation registered a variation of 1.2%, a rate 1.3 points higher than that of the previous quarter.

Exports of goods and services recorded a year-on-year rate of 2.6%, 1.1 points higher than in the first quarter. Meanwhile, imports showed a variation of 0.9%, a rate that was two tenths higher than that of the previous quarter.

In terms of supply, all major sectors of activity recorded positive year-on-year rates. Thus, the gross value added of the industrial branches increased by 3.7%, and within these branches, the manufacturing industry increased by 5.2%.

The gross value added of Construction grew by 2.5% compared with the second quarter of 2023, that of Services by 3.7%, and that of primary branches by 5.1%.

GDP at current prices increased by 6.5% year-on-year, six tenths more than in the first quarter of 2024. In quarter-on-quarter rate terms, it increased by 0.9%.

The GDP deflator increased by 3.3% year-on-year, a rate similar to that of the previous quarter. In quarter-on-quarter rate terms, it increased by 0.1%.

In terms of income, employee compensation increased by 7.8% year-on-year, with a 2.5% increase in the number of full-time equivalent jobs for employees, and a 5.2% increase in the average compensation per full-time equivalent jobs for employees. In quarter-on-quarter rates, total compensation increased by 1.7%, and the number of full-time equivalent jobs of employees increased by 0.1%. Average compensation grew by 1.6%.

On the other hand, gross operating surplus/gross mixed income increased by 6.8% year-on-year, 2.8 points more than in the first quarter. In quarter-on-quarter terms, the surplus increased by 0.1%.

Finally, the amount accrued in taxes on production and net imports of subsidies recorded a year-on-year variation of -1.0%, compared to 2.3% in the previous quarter. In quarter-on-quarter terms, it decreased by 0.1%.

The number of hours actually worked increased by 2.4% year-on-year this quarter, 1.4 points more than in the previous quarter. In quarter-on-quarter terms, it varied by 0.8%.

The number of full-time equivalent jobs increased by 2.1% year-on-year, one point less than in the previous quarter. In quarter-on-quarter terms, the variation was 0.2%.

On the other hand, productivity per full-time equivalent job recorded a year-on-year rate of 1.0% this quarter, and productivity per hour actually worked, of 0.7%. In quarter-on-quarter terms, these rates were 0.6% for productivity per full-time equivalent job , and 0.0% for productivity per hour actually worked.

The results disseminated totay since the first quarter of 1995 refer to those resulting from the full statistical revision of the series of the national accounts (Statistical Revision 2024).

The revised series of the main annual aggregates of the national economy (Annual Spanish National Accounts: Main Aggregates) was released on 18 September this year.

The results published today also incorporate all the current information available since last July 30 (date of dissemination of the advance results of the second quarter of 2024) on the quarterly economic evolution. In particular, they integrate quarterly information on the Balance of Payments published by the Bank of Spain last 23 September, and on the General Public Administrations Accounts, which will be reported on 30 September by the General Comptroller of the State Administration.

In addition, and in accordance with the revision policy of this operation, coinciding with the updating of results from the first quarter of 1995 carried out as part of the 2024 Statistical Revision, the seasonal and calendar adjustment models of each of the published series have been reviewed.  

All results of this operation are available on INEBase.