During the second quarter of 2022, the year-on-year rate of change of Spanish GDP stood at 6.78%, an improvement compared to the previous quarter. Regarding the labour market, the percentage of unemployment in the labour force decreased compared to the previous quarter, to 12.48%. On the other hand, employment registered a rate of change of 4.05%, registering a moderate worsening compared to 1Q22. Inflation rose to a year-on-year rate of 9.07%. Finally, regarding the exchange rate, the euro depreciated against the dollar in 2Q22, with an average exchange rate of 1.07 $/€.
Macroeconomic outlook report: Spain 2Q22
Macroeconomic overview
- In 2Q22, the Spanish economy registered a positive year-on-year change of 6.78%, an improvement of 0.37 p.p. compared to 1Q22. This result was explained by the fact that economic activity continued to recover in the first half of the quarter, at a pace that was moderated by the upturn in inflation.
- Domestic demand fell by 1.41 p.p. compared to the previous quarter, standing at a year-on-year rate of change of 1.89%.
- Regarding the labour market, the percentage of unemployed in the labour force declined in the second quarter of the year to 12.48%, a deceleration of 1.17 p.p. compared to 1Q22. On the other hand, in 2Q22, the year-on-year change in employment stood at 4.05%, a slight fall (0.52 p.p.) compared to the previous quarter.
- Regarding the exchange rate, the euro depreciated against the dollar in 2Q22, standing at an average exchange rate of 1.07 $/€.
- As for inflation, in 2Q22, CPI growth stood at a rate of 9.07%, after registering an increase of 1.24 p.p. compared to the previous quarter.
For more information, click here to access the executive document in pdf (only avalaible in Spanish).