INE confirms that the Spanish economy will grow by 5.5% in 2022

Spanish economy increased in 2022 by 5.5%the same as in 2021, after registering a quarterly growth of 0.2% in the last quarter of the year, the same percentage as in the previous quarter, the National Institute of Statistics (INE) reported this Friday, thus confirming the data that increased at the end of January for these two indicators, according to Europa Press.

On the other hand, the agency lowered the initial estimate of year-on-year GDP growth for the fourth quarter of 2022 by one-tenth, from 2.7% to 2.6%. Thus, this rate is more than two points lower than the one recorded in the third quarter (4.7%).

With growth of 5.5% achieved in 2022, 1.1 points higher than the government’s forecast (4.4%), the Spanish economy recorded its second consecutive annual growth after the 5.5% progress recorded in 2021, which meant a return to positive rates after the historic fall in GDP of 11.3 percent caused by the outbreak of the coronavirus, according to Europa Press.

Domestic demand contributed 3.1 points to GDP growth in 2022, which is 2.1 points lower than in 2021, while external demand contributed 2.4 points, 2.1 points more than the previous year.

According to current prices, the GDP for 2022 was 1,327,108 million euros, 10% more than in 2021.

IN Interannual rateIn the fourth quarter, GDP grew by 2.6%, which is 2.1 points less than in the previous quarter (4.7%), primarily due to a smaller contribution from domestic demand.

Specifically, contribution to national demand year-on-year GDP growth was 0.9 points, 1.9 points less than in the third quarter of 2022, while external demand he contributed with 1.7 points, two tenths less, reports Europa Press.

He household consumption In the fourth quarter, year-on-year growth moderated by more than two points, to 2.7%, while public spending increased by 2.3% after four negative quarters. Investments, on the other hand, slowed growth by almost 4 points, to 2.6%.

In the latter part of 2022, GDP grew by 0.2%, the same as in the third quarter. These data accumulated seven consecutive quarters of positive rates.

Household consumption decreased by 1.8% between October and December (+1.8% in the previous quarter), marking the first quarterly decline since the first quarter of 2021.

Parallel with slowing of household consumptionPublic consumption accelerated quarterly growth by three-tenths, to 1.9%, in contrast to investments that fell by 3.7% in the fourth quarter, the biggest quarterly decline since the second quarter of 2020, when the pandemic began.