The Spanish economy grew by 5.5% in 2022, the same as in 2021, after recording a quarterly increase of 0.2% in the last quarter of the year, the same percentage as in the previous quarter, according to national accounts data, released this Friday by the National Statistics Institute (INE).
The Spanish economy thus recorded its second consecutive annual growth in 2022 after the 5.5% increase recorded in 2021, which marked the return to positive rates after the historic 11.3% drop in GDP caused by the coronavirus epidemic.
The GDP growth recorded in 2022 exceeds by 1.1 percentage points the government’s growth forecast for that year (4.4%) and is higher than the projections of organizations such as the IMF (5.2%), the Funcas panel (5%) and the Bank of Spain (4.6%).
The first vice president of the government and Minister of Economy and Digital Transformation, Nadia Calviño, had already warned that the executive’s forecasts would fall short and that growth in 2022 would be above 5%.
Her ministry stressed this Friday that the 5.5% growth in 2022 has been achieved “in an international context of great uncertainty”, marked by the consequences of the war in Ukraine, which shows the “great strength and resilience” of the Spanish economy.
Domestic demand contributed 2.8 points to GDP growth in 2022, 2.4 points less than in 2021, while external demand contributed 2.6 points, 2.3 points more than the previous year, “thanks to the dynamism of exports,” according to the Ministry of Economy.
As for domestic demand, the ministry points out that “it has withstood the impact of inflation and rising costs”, with private consumption and investment increasing by more than 4%.
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