The National Institute of Statistics (INE) has corrected the GDP data for the past two years, data showing that the Spanish economy has 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 bigger at the level initially set by the National Statistical Institute (INE), so that GDP will increase by 6.4% in 2021 (0.9 points more) and by 5.8% in 2022 (0.3 points more). grew. Spain will regain the wealth lost to the pandemic in 2022, according to new calculations.
The INE also slightly revised downwards (0.1 point) the decline in GDP in 2020, which ultimately amounted to 11.2%, which remains the largest recession in the recent history of the Spanish economy.
The Ministry of Economy and Digital Transformation stressed in a statement that the upward adjustment of these two years is driven “by private consumption, the good performance of the foreign sector and the better performance of the manufacturing industry and professional and scientific activities” .
The new data from 2022 showed higher growth in household consumption (3.4% compared to the initial 3%) and lower growth in investments (1.4% compared to 3.5%), while export growth was higher (15 .2% versus 14.4%).
In 2021Household consumption grew by 7.1% instead of 6%, while investments rose by 9.4%, compared to the previous estimate of 5.9%.
Source: EITB
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