Spain’s economy grew at the slowest pace in five years in the second quarter, the statistical office INE reported Wednesday.

Gross domestic product grew 0.5 percent sequentially in the second quarter, slower than the 0.7 percent expansion seen in the first quarter. This was the weakest since the second quarter of 2014 and below the forecast of 0.6 percent.

On a yearly basis, economic growth eased slightly to 2.3 percent from 2.4 percent a quarter ago. Economists had forecast the rate to remain unchanged at 2.4 percent.

Growth in household consumption and government spending eased to 0.3 percent and 0.2 percent, respectively. At the same time, gross fixed capital formation dropped 0.2 percent, reversing the 1.4 percent increase.

Further, exports logged an increase of 1.8 percent and imports gained 1 percent.

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