SPAIN

摘要

1. The Spanish economy registered a 0.1 % (q-o-q) expansion in Q2, as growth was supported by government expenditure and exports. However, these are expected to weaken as the impact of the recent fiscal package fades and external demand is reined in. 2. Domestic demand has been subdued by the downturn in the housing market, with consumption gaining just 0.1 % (q-o-q) and investment falling by 1.7%, led by the faltering construction sector. This has caused our panel to downgrade its forecasts, and a q-o-q contraction in GDP is now estimated for Q3 (see page 29).