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Spain’s economy shrank less than initially estimated in the first quarter, revised data from the statistical office INE showed on Thursday.

Gross domestic product fell 0.4 percent sequentially, instead of 0.5 percent drop estimated previously. GDP was flat in the fourth quarter of 2020.

On the expenditure-side, household consumption decreased 0.6 percent and government spending edged down 0.1 percent. Gross fixed capital formation declined 0.8 percent.

Exports and imports were down 1.4 percent and 1.3 percent, respectively.

On a yearly basis, GDP fell 4.2 percent after declining 8.9 percent in the previous quarter. The annual decline for the first quarter was revised from -4.3 percent.


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