The National Institute of Statistics (INE) has corrected the GDP data for the last two years, data that shows that the Spanish economy already recovered in 2022 from the setback caused by the health crisis.
The recovery of the economy after the setback caused by the pandemic in 2020 was greater than that initially advanced by the National Institute of Statistics (INE), so that GDP grew by 6.4% in 2021 (0.9 points more) and 5.8% in 2022 (0.3 points more). According to new calculations, Spain will recover the wealth lost in the pandemic in 2022.
The INE has also revised slightly downwards (0.1 points) the fall in GDP in 2020, which was ultimately 11.2%, which continues to represent the largest recession in the recent history of the Spanish economy.
The Ministry of Economic Affairs and Digital Transformation has highlighted, in a statement, that the upward revision of these two years has been driven “by private consumption, the good performance of the foreign sector and the better performance of the manufacturing industry and the professional and scientific activities”.
The new data for 2022 show greater growth in household consumption (3.4% compared to the initial 3%) and a lower increase in investment (1.4% compared to 3.5%), while the advance of exports was higher (15.2% compared to 14.4%).
In 2021, household consumption grew 7.1%, instead of 6%, while investment rose 9.4%, compared to the previous estimate of 5.9%.
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