(MENAFN- Trend News Agency) Spanish gross domestic product (GDP) grew by 5.5 percent in
2022, surpassing an earlier expectation of 4.4 percent by the
Spanish government, according to data published on Friday by the
Spanish Statistical Office (INE), trend reports citing xinhua .
This figure has put to shame even more optimistic forecasts,
such as the 4.7 percent expected for 2022 by the Organization of
Economic Cooperation and Development (OECD), and the 5.2 percent
forecast by the International Monetary Fund (IMF).
The 2022 growth rate was the same as in 2021, indicating that
Spain has left behind the years of economic hardship caused by the
The growth was partly due to a 3.1 percent rise in internal
demand, coupled with a 2.4 percent increase in external demand.
Last year also saw a 0.7 percent fall in public spending -- the
first such year since 2014. On the positive side, however, last
year's 4.6 percent increase in investments was the biggest recorded
Nadia Calvino, Spain's economy minister and deputy prime
minister, interpreted the results as a testimony to the "dynamism
and strength" of the Spanish economy, which continued to perform
well in a difficult international context, marked by the start of
the Russia-Ukraine conflict in February 2022.
On the downside, the GDP growth in the last quarter of 2022
slowed to 0.2 percent, which was coupled with a 1.8 percent fall in
household spendings and a 3.7 percent contraction in investment
This has prompted the Bank of Spain to make a more cautious GDP
growth projection of 1.6 percent for 2023, with a steady growth of
2.3 percent expected in 2024 and 2.1 percent in 2025.
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