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5/26/2016, 9:37 AM (Source: TeleTrader)
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Spanish GDP expands 0.8% in first quarter

The Spanish economy grew by 0.8% in the first three months of 2016, similar to the previous quarter. This means that the economy expanded by 3.4% compared to the same period a year ago. In previous quarter, the annual rate was a notch higher at 3.5%. These rates of quarterly and annual growth match the estimate published on April 29, said the report from the Instituto Nacional de Estadística (INE) released on Thursday.

Domestic demand contributed 3.8 points, lower than 4.1 points in the same quarter a year ago. The external demand fell by 0.4 points, better than a fall of 0.6 points in the previous quarter.

The number of employees increased by 0.9% in the last quarter, compared to 0.6% in the previous three months. On an annual basis, the employment in the first quarter increased at a rate of 3.2%, which means that Spanish employers added 533 thousand full-time equivalent jobs in a year.

Labour costs fell 0.5% in the quarter, or 0.3 points below the implicit GDP deflator of - 0.2%, said the INE report.

The IBEX 35 index fell 0.83% to 9,049 points by 9:25 a.m. CET. Banco Popular de Español plunged 23.34%, Banco de Sabadell lost 5.83% and other banks were on the losing side. Indra rose 1.08%, Amadeus IT added 1.04%. Telefonica was up 0.31%.

 

Image: INE

Baha Breaking News (BBN) / ZR