The National Institute of Statistics (INE) has raised economic growth for the second quarter to 1.5%, which is 1.7 points above the rate registered in the first quarter and four tenths more than what was initially advanced in July, after revising notably upwards the growth of exports in the period.

On its side, the year-on-year increase in the Gross Domestic Product (GDP) stood at 6.8%, compared to 6.7% in the previous quarter.

In addition, this rate is five tenths higher than the one advanced by Statistics on July 29.

The acceleration in year-on-year GDP growth is due to the greater contribution from the foreign sector and, to a lesser extent, from domestic demand.

Specifically, external demand contributed 4.9 points to year-on-year GDP in the second quarter, a figure 2.1 points higher than that of the previous quarter.

On its side, national demand contributed 1.9 points, which is 1.9 points less compared to the first quarter.

The INE explains that in the advance data for the second quarter published at the end of July, most of the indicators on the economic evolution of the quarter offered results until May.

The results published this Friday by Statistics already incorporate all the statistical indicators that mark the economic evolution of the second quarter, a period affected by the war in Ukraine.

At the end of July, the data advanced by the INE for the second quarter pointed to a quarterly GDP growth of 1.1% and an interannual rate of 6.3%.

After the figures updated by the INE this Friday, which improve estimates for the second quarter, the Ministry of Economic Affairs and Digital Transformation has highlighted that the data reveals "the strength of the Spanish economy in an environment marked by the impact of the Russian war in the Ukraine".

In this sense, from the Department headed by Nadia Calviño they have pointed out that the measures adopted to protect vulnerable companies, families and groups from the rise in energy prices and other raw materials and the progress in the deployment of the Recovery Plan explain this good behavior.

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