The INE confirms that the Spanish economy grew by 5.5% in 2022

The definitive information from the INE has confirmed its advance revealed on the finish of January.

The definitive information from the INE has confirmed its advance revealed on the finish of January. Regardless of the pandemic and the warfare, the Spanish financial system had robust development of 5.5% in 2022, however with a trajectory from extra to much less, leaving the previous couple of months with nearly flat exercise. In each the third and fourth quarters, GDP grew by a weak 0.2%, and with consumption and funding in free fall, as confirmed by the ultimate information from the Nationwide Statistics Institute (INE) revealed this morning. Within the final quarter of the yr, family consumption fell by 1.8% whereas funding fell by 3.7%.

The reality is that 5.5% was achieved largely as a result of 2.2% development within the second quarter, which was adopted, within the second half of the yr, by a major slowdown in exercise, with fears that it will even enter in technical recession that lastly didn't come true.

The tip of 2022 with such lowered exercise hampers the beginning of this yr that, in accordance with the forecasts revealed this week by the Financial institution of Spain, this quarter will develop by 0.3%, though as exercise accelerates from spring, it's going to result in a 1.6% development in the entire of 2023.

On this approach, after the brutal drop of 11.3% in GDP in 2020 as a result of closure of exercise decreed to take care of the pandemic, the financial system grew by 5.5% for 2 consecutive years, each in 2021 and 2022. Now In line with the Financial institution of Spain, 1.6% is predicted this yr to return to ranges barely above 2% in each 2023 and 2024.

In line with the information up to date as we speak, in the entire of 2022 nationwide demand (consumption and funding) contributed to development with 3.1 proportion factors (they had been 2.8 within the advance of January) whereas exterior demand (exports and imports) contributed 2.4 factors (2.6 prematurely).

The Ministry of Financial system considers that "this determine is increased than the forecast of the Authorities and of nationwide and worldwide organisations, and locations Spain on the forefront of financial development among the many important international locations within the euro zone". He additionally provides that it's "balanced development, with a optimistic contribution from home demand, pushed by consumption and funding and a very good efficiency of exports."