MADRID (Reuters) -Spain's gross domestic product grew 0.5% in the second quarter, its National Statistics Institute (INE) said on Friday, revising its previous estimate up from 0.4% growth and confirming a faster and stronger rebound from the COVID-19 pandemic.
The Spanish Economy Ministry said in a statement that INE's data showed Spain's economy picked up speed during the second half of 2021, kept momentum in early 2022 and surpassed pre-pandemic levels last year, like other large EU economies.
Previous data had shown that Spain's economy had only recovered its pre-pandemic size in 2023.
Spanish GDP in the April to June period grew 2.2% from the same period a year ago, INE said, a faster pace than the 1.8% growth it had originally estimated.
INE also revised GDP growth for the first quarter of 2023 to a quarter-on quarter growth of 0.6% up from 0.5%. Spain's year-on-year growth in the first quarter remained unchanged at 4.2%.
On Monday, INE revised Spain's 2022 economic growth rate to 5.8% from 5.5% after computing final data, and made an upward review of 2021 data to growth of 6.4% from a previous 5.5%.
Employment, one of the most important drivers of economic activity, has also been revised upwards.
The Bank of Spain warned this week that it expects a gradual slowdown in the economy, with growth of 0.3% in the third quarter of 2023, and annual growth of 2.3%, still faster than other euro zone countries.
(Reporting by Joao Manuel Mauricio in Gdansk and Belén Carreño in Madrid, editing by Inti Landauro and Alexander Smith)
