Spain posts rises in GDP and construction during Q2 2014
Spain’s building sector rose 7% between April and June 2014, while its GDP rose by 0.6% in the same period.
Spain is now the EU member state with the highest increase in construction, according to data from Eurostat, the EU’s statistics agency. The rise is in contrast to construction rates in both the Eurozone and the wider EU.
In the Eurozone, construction output fell by 0.7% between May and June of this year, having fallen 1.4% between April and May. At an annual level, between June 2013 and June 2014 construction fell by 2.3%.
In the wider EU, construction overall fell by 0.6% during the second quarter of 2014, and 0.5% over the previous year.
The figures suggest Spain’s construction industry is finally beginning to recover from the housing and economy crisis which began in 2007.
Between June 2007 and June 2008, construction plummeted by 15.9%. This lead to an estimated loss of 367,000 jobs, according to the employment firm, Manpower.
Meanwhile Spain’s GDP rose by 0.6% in the second quarter, which is the fourth consecutive quarterly increase for the Spanish economy, according to the country’s National Statistics Institute (INE).
By Eloise Horsfield | Property News | September 15th, 2014