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Household spending up by five percent in the first quarter of this year

Five percent was how much family spending grew in the first quarter of this year compared to the same period last year, according to data contained in the report “Quarterly National Accounts for the first quarter of 2022”, released by the National Statistics Institute (INE).


The document also points out that, in the first three months of this year, the Gross Domestic Product (GDP) grew, in year-on-year terms, by 2.6 percent: "The year-on-year change in GDP stood at 2.6 percent."

Among the main conclusions of the report is also the "change of 2.6 percent in the first quarter of 2022 compared to the previous quarter".

Regarding expenditure components, the document indicates that household expenditures increased by five percent in the first quarter of 2022.

In turn, still in the period in question, government spending rose by 4.4 percent, while gross capital formation grew by 12.9.

In the first three months of this year, there was also an increase in exports and imports, of 3.4 percent and 26.1 percent, respectively.

To arrive at the results of household final consumption expenditure, INE "relied on the flow of goods method" which is established in three categories, namely products of national origin, imported products and other products "for each of these categories".

However, the report does not go into what types of goods households have spent their money on.

It should be noted that the institute applied a new method to measure GDP, starting to calculate the results from the expenditure perspective instead of the production perspective.

You can view the results in full here.

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