Quarterly National Spanish Accounts

This preview of results is compiled with available information, with most indicators providing results up to the second month of the quarter, to which information from advance data, estimates and other additional sources have been added, in line with the recommendations of Eurostat and other international statistical bodies.

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

Domestic demand contributed by 0.3 points to quarter-on-quarter GDP growth. On the other hand, external demand contributed by 0.5 points.

By demand aggregates, household final consumption expenditure grew by 0.3% and that of Public Administrations by 0.2%. On the other hand, gross fixed capital formation recorded a variation of 0.3%.

While exports of goods and services increased by 1.2%, imports had negative growth, recording a rate of -0.2%.

On the supply side, all large sectors showed positive rates in their added value, except for primary branches. Thus, industrial branches grew by 0.4% quarter-on-quarter. Among them, the manufacturing industry moderated its rate by 1.2 points compared to the previous quarter, to a growth of 1.1%.

The gross value added of Construction increased by 0.1% quarter-on-quarter, 1.7 points less than in the previous quarter. And that of Services accelerated by five tenths, to 0.9%.

On the other hand, primary branches recorded a quarter-on-quarter variation of -1.2%, compared to 3.1% in the previous quarter.

The year-on-year GDP variation was 2.9% for this quarter, three tenths more than that of the previous quarter.

Domestic demand contributed by 2.0 points to year-on-year GDP growth. On the other hand, external demand contributed by 0.9 points.

In terms of aggregates, final consumption expenditure moderated by five tenths compared to the previous quarter, increasing by 2.3% year-on-year. Household expenditure slowed by two tenths, presenting a rate of 2.3%, and Public Administrations showed a rate of 2.3%, 1.1 points less than in the previous quarter.

On the other hand, gross fixed capital formation registered a variation of 1.1%, a rate similar to that of the previous quarter.

Exports of goods and services recorded a year-on-year rate of 3.6%, 3.8 points higher than in the first quarter. Meanwhile, imports showed a variation of 1.4%, with an acceleration of 2.1 points compared to 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 4.0%, and within these branches, the manufacturing industry increased by 5.6%.

The gross value added of Construction grew by 2.4% compared to the second quarter of 2023, that of Services by 2.7%, and that of primary branches by 2.9%.

GDP at current prices increased by 6.2% year-on-year, four 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 3.2% 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 7.0% year-on-year, with a 2.5% increase in the number of full-time equivalent jobs for employees, and a 4.4% increase in the average compensation per full-time equivalent jobs for employees. In quarter-on-quarter rates, total compensation increased by 0.5%, while the number of full-time equivalent jobs for employees presented a rate of -0.1%. Average compensation grew by 0.6%.

On the other hand, gross operating surplus/gross mixed income increased by 5.2% year-on-year, 1.3 points more than in the first quarter. In quarter-on-quarter terms, the surplus increased by 0.7%.

Finally, the amount accrued in taxes on production and net imports of subsidies recorded a year-on-year variation of 6.6%, compared to 3.5% in the previous quarter. In quarter-on-quarter terms, it increased by 3.2%.

The number of hours actually worked increased by 2.1% year-on-year this quarter, seven tenths more than in the previous quarter. In quarter-on-quarter terms, it varied by 1.0%.

The number of full-time equivalent jobs increased by 2.0% year-on-year, 1.2 points less than in the previous quarter. In quarter-on-quarter terms, the variation was 0.3%.

On the other hand, productivity per full-time equivalent job recorded a year-on-year rate of 0.9% this quarter, and productivity per hour actually worked, of 0.8%. In quarter-on-quarter terms, these rates were 0.5% and -0.2% respectively.

INE has updated today the seasonally and calendar adjusted data of the Quarterly Spanish National Accounts from the first quarter of 2023. All the results of this operation are available on INEbase.

From September 2024, all national account operations (including the NCTR) will review their full data sets. This statistical review 2024 (RE-2024) responds to the harmonized policy of extraordinary reviews of national accounts in the European Union (reviews to be carried out every five years) and is justified by the need for these to provide at all times a measurement as accurate as possible of the economy.

In order to guarantee high quality, coherence, and comparability of national accounts data, the European policy of coordinated extraordinary revisions gives countries the opportunity to introduce systematic improvements every five years. Given that the last one was carried out in 2019, all European Union Member States will conduct a coordinated extraordinary revision of their national account series in 2024. Therefore, the next Statistical Revision of the National Accounts of Spain in 2024 responds to this need to periodically update (at least every five years) the sources and estimation methods used in its compilation.

All results of the operations that make up the national accounts disseminated by the INE from September 2024 will incorporate this revision. Furthermore, the revision will be implemented in coordination with the Bank of Spain for financial accounts and balance of payment and investment position statistics, and with the Comptroller General of the State (IGAE) for the accounts of Public Administrations.

Among the changes that will be incorporated into the RE-2024 from September, is the inclusion of information derived from the 2021 Population and Housing Censuses, and from the revised figures, as a result of the new series of population and households residing in Spain, from surveys directed at households (the Active Population Survey or the Family Budget Survey).

All these statistical changes will determine, if necessary, a possible revision of the level of the main aggregates, and, specifically, of the GDP. At the present time, the work related to the new estimates is in the development phase.

The INE plans to publish an explanatory note on 4 September 2024, which will include the impact of these statistical changes for the reference year 2021.