For example, the Spanish state’s economy will grow annually for the third time in a row in 2023, even though last year’s growth was the most moderate of that period.
The Spanish economy grew by 2.5% in 2023, a tenth more than expected by the government of Pedro Sánchez. In the fourth quarter, economic progress was 0.6%, two-tenths more than in the previous quarter, despite moderation in private consumption and thanks to the recovery of exports.
According to data released Tuesday by the National Institute of Statistics (INE), national demand (consumption and investment) contributed 1.7 points to gross domestic product (GDP) growth in 2023, 1.2 points less than a year earlier, while external demand (exports minus imports) 0.8 point, 2.1 point, contributed less than in 2022.
In this way, the Spanish economy will maintain its chains third consecutive annual growthAlthough last year was the most subdued year of that period: in 2021 GDP advanced by 6.4%, in 2022 it grew by 5.8% and the momentum has now weakened to 2.5%.
These three years of growth have come after the historic 11.2% decline in GDP due to the coronavirus outbreak.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
