Spain GDP Growth Steady At 0.7%

(RTTNews) - Spain's economy logged a steady growth in the first quarter, preliminary estimate from the statistical office INE showed on Tuesday.

Gross domestic product expanded 0.7 percent from a quarter ago, matching the revised fourth quarter growth.

Economists had forecast GDP growth to soften to 0.4 percent from the originally estimated 0.6 percent expansion in the fourth quarter.

On a yearly basis, economic growth unexpectedly improved to 2.4 percent from 2.1 percent a quarter ago. The rate was seen easing to 1.9 percent.

On the expenditure-side, household spending gained 0.3 percent on quarter, while government consumption dropped 1.0 percent. Gross fixed capital formation was up 1.3 percent.

Exports and imports grew 2.4 percent and 1.1 percent, respectively.