Spain鈥檚 economic growth accelerated in the second quarter, driven by a rise in exports despite trade tensions sparked by rising US tariffs, preliminary data showed Tuesday.
Gross domestic product in the eurozone鈥檚 fourth-largest economy rose 0.7 per cent in the April-June period from the first three months of the year, the national statistics institute INE said in a statement.
That is up from 0.6 per cent gain recorded in the first quarter.
The second-quarter growth figure outpaced forecasts from the Bank of Spain, which had projected an expansion of between 0.5 per cent and 0.6 per cent.
鈥楾he Spanish economy maintained its momentum in the second quarter. This places us at the forefront of advanced economies not only in Europe but also internationally,鈥� economy minister Carlos Cuerpo said in a video message.
Spain鈥檚 economy has been outperforming its peers, recording 3.2 per cent growth in 2024 compared with a one-per cent European Union average.
Growth in the second quarter was mainly driven by exports, which rose by 1.1 per cent compared with the previous quarter, despite trade tensions sparked by rising US tariffs.
Business investment also jumped by 2.1 per cent, while household consumption increased 0.8 per cent, the INE said.
Spain鈥檚 economy stands out as the 鈥榣ocomotive of the eurozone, helping to offset rather weak growth in several other European economies, such as Germany and France,鈥� Esade business school economics professor Pedro Aznar told AFP.
On an annualised basis, Spain鈥檚 second-quarter economic output expanded 2.8 per cent.
The government forecasts Spain will post full-year growth of 2.6 per cent.
That is in line with the International Monetary Fund鈥檚 latest projection of 2.5 per cent, revised upward in April despite the escalating trade tensions.
The US-EU trade deal struck on Sunday fixes聽a baseline tariff of 15 per cent on most exports from the bloc to the United States.
Cuerpo told AFP in June that any US tariffs would have a limited impact on Spain鈥檚 growth since only around five per cent of Spanish exports are US-bound.
鈥楽pain鈥檚 exposure to the US economy is comparatively low,鈥� he said at the time.
The United States is Spain鈥檚 sixth-largest export market for goods, according to the Bank of Spain.
The country鈥檚聽trade with the United States is more focused on services compared with the rest of the eurozone, so the tariffs will have less impact, it added.
