Madrid meets expectations, Bern exceeds them, Brasilia disappoints. The macro data released this morning by the three countries could not be more contrasting. In the first quarter the Spanish GDP it fell by 0,5% from the period October-December 2012 and by 2% on an annual basis. Confirmation of the provisional data arrived this morning from the National Institute of Statistics. In the fourth quarter of 2012, GDP had decreased by 0,8% on a quarterly basis and by 1,9% on a trend basis.
According to forecasts by the Spanish central bank, the economy will continue to contract in the second quarter as well. The Government estimates a 2013% drop in GDP for 1,3. As for unemployment, the rate is 27%. The provisional data on inflation speaks instead of an increase from 1,5% in April to 1,8% in May, mainly caused by food prices.
Very different news for Switzerland, which in the first quarter recorded higher-than-expected GDP growth: +0,6% on a cyclical basis and +1,1% on an annual basis. The result was supported by domestic consumption, investment in construction and foreign trade. For the full year, the Swiss National Bank estimates growth in the order of 1-1,5%.
Positive data also for Brazil, where, however, growth stopped below expectations. In the first three months of 2013, GDP recorded an increase of 0,6% over the previous quarter and of 1,9% over the same period of 2012. This was reported by the Brazilian Institute of Geography and Statistics. Over the past twelve months, GDP growth was 1,2%. Agriculture proved to be the liveliest sector, up 17% year-on-year in the first quarter.
