The National Statistics Institute (INE) has revised upward the growth of the Spanish economy in 2022 from 5.5% to 5.8% due to the greater contribution of external demand and increased the development of the gross domestic product (GDP) by 5.5% in the year 2021 to 6.4%.
According to Spain’s national accounts policy, the review of the annual estimates published by Statistics in the month of September covers a period of three years, in this case between 2020 and 2022.
Specifically, GDP recorded a volume growth of 5.8% in 2022, an increase of three tenths compared to the previous month of March. Regarding the composition of growth, a smaller contribution from domestic demand (2.9% compared to 3.1% previously) and a larger contribution from external demand (2.9% compared to 2.4%) are now estimated.
The growth in GDP volume in 2021 compared to 2020 is estimated at 6.4%, compared to the 5.5% published in September last year, and the contraction of the economy in 2020 due to the impact of the pandemic is estimated at 11.2%, a tenth less than previously estimated.
The update of the series of national accounts for the years 2020, 2021 and 2022 leads to an estimate of annual GDP at current prices of 1,346,377 million euros in 2022, which is 1.5% higher than the original accounting estimate.
As the Ministry of Economy highlighted, Spain has already reached the pre-pandemic level of GDP in 2022 and it has indicated that this dynamic will continue differently in 2023 and will allow Spain to be the country of major economies in the region. Euro with greater economic growth.