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Investing.com -- Spain’s economy experienced a slowdown in the first quarter of the year, growing at a rate of 0.6% compared to the revised 0.7% growth in the last three months of the previous year.
This information was released in preliminary data from the National Statistics Institute on Tuesday.
Prior to the release of the data, analysts had projected the gross domestic product (GDP) to grow by 0.7% quarter-on-quarter. However, the actual growth rate fell short of these expectations.
On a year-on-year basis, the economic output of Spain in the first quarter increased by 2.8%. This growth rate was also lower than the average estimate of 3.1% as per the analysts’ poll.
In addition to these figures, the National Statistics Institute also revised the annual growth rate for the fourth quarter of 2024. The new data shows a 3.3% growth rate, a slight decrease from the previously reported 3.4%.
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