Spain's turbo-charged economy outpaced its euro zone peers in the second quarter even more than originally estimated. The country's gross domestic product expanded 0.8% in the April-June period against the previous three months, the National Statistics Institute (INE) said on Friday, a faster pace than the preliminary 0.7% estimate released in July.
On an annual basis, Spain's economic output expanded 3.1% in the second quarter, INE said, up from a preliminary estimate of 2.8%.
All the main economic sectors experienced strong growth, INE said, including manufacturing, construction, and the services sector - the latter of which represents more than half of the country's GDP, and was buoyed by a sustained tourism boom.
The economic growth coincided with a decline in the unemployment rate to 10.29% in the second quarter, the lowest level since early 2008. Spain's strong economic activity contrasts with the broader euro zone, where GDP grew a mere 0.1% in the quarter, with Germany and Italy contracting 0.3% and 0.1% respectively, and France expanding 0.3%.
The strong performance backs the Spanish government's recent upgrade of its 2025 GDP forecast to 2.7%, Economy Minister Carlos Cuerpo said in an emailed statement.