24 Mar, 2023 @ 13:30
1 min read

Spain’s economy grew by 5.5% in 2022, surpassing government forecast

Spain's economy surged by 0.7% in the first quarter of 2024, official figures show

SPAIN’S economy grew by 5.5% last year- the same rate as in 2021- according to figures released by the National Statistics Institute(INE) on Friday.

The 2022 rise was confirmed after the INE reported a 0.2% rise in GDP growth for the final quarter of last year.

Last year’s increase was 1.1% higher than predicted by the government and confirms two years of growth after GDP fell by 11.3% in 2020 due to the outbreak of the Covid pandemic.

The economy though still has not full recovered to volume levels seen before Covid struck.

Domestic demand contributed 3.1% to GDP growth in 2022, a figure 2.1% lower than that of 2021, while foreign demand contributed 2.4%- 2.1% above the previous year.

The high inflation rates registered in 2022, which exceeded double digits in the summer, led families to moderate their spending.

Therefore household consumption grew 4.5% last year, a rate that’s 1.5% lower than that of 2021.

Public spending contracted by 0.7% in 2022, recording its first annual decline since 2014, while investment soared by 4.6%, its biggest rise since 2018, when it rose by 6.3%.

Violent Thieves Targeting Bar And Club Customers Are Caught On Spain's Costa Blanca
Previous Story

Violent robbers targeting night-time bar and club customers are caught on Spain’s Costa Blanca

Fine And Country Winner 2022
Next Story

Outstanding result!: Fine & Country Costa Blanca North Award Winners for third year running

Latest from Lead

Go toTop

More From The Olive Press

Alcaraz to dominate tennis for years to come

Carlos Alcaraz’s recent Wimbledon triumph will come as no surprise

Revealed: The hottest town in Spain as temperature reaches 45.6C during ‘Iberian oven’ heatwave

SPAIN’S ‘Iberian oven’ heatwave lived up to its name in