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Spanish economy grows by 0.9 pct in 1Q

Xinhua, May 29, 2015 Adjust font size:

Spanish economy grew by 0.9 percent in the first quarter of the year, Spain's Statistical Office (INE) published on Thursday, confirming the advanced data provided by the INE in April.

According to the INE, this figure was due to rising investment and consumption.

Private consumption increased by 0.7 percent in the first quarter of the year, while growing by 3.5 percent in comparison with the same period of a year earlier. Spain's economy grew by 2.7 percent on a year-on-year basis.

Consumption of public administration grew by 0.3 percent in the first quarter on a year-on-year basis, while on a quarterly basis it grew by 1.6 percent.

Regarding investment, it grew by 1.3 percent from the fourth quarter in 2014 to the first one in 2015, while growing by 6 percent on a year-on-year basis.

Exports and imports increased in the first quarter of the year by 1 percent and 0.8 percent respectively when compared with the previous quarter, while on a year-on-year basis exports increased by 5.7 percent and imports rose by 7.4 percent.

According to the INE, employment grew by 0.8 percent on a quarterly basis, while growing by 2.8 percent on a year-on-year basis meaning 458,000 more new job opportunities.

Spain's State Secretary for the Economy Inigo Fernandez de Mesa said the growth rate proved "the good health" of the economy. According to him, the Spanish economy is growing in a balanced way and is able to create job opportunities. Endit