Spanish economy grew by 5.5% in 2022

by Lorraine Williamson
Spanish economy

MADRID – The National Institute of Statistics (INE) estimates the Spanish economy grew by 5.5% in 2022. That´s up from 0.2% in the last quarter of last year, to 2.6%. 

This has been confirmed in the final national accounting data released by the agency this Friday. The confirmed figure matches the January estimate, exceeding the Spanish government’s 4.4% forecast and AIReF’s 5.3%. It is also above the 4.7% estimated by the OECD and the 5.2% by the International Monetary Fund. The INE data for this Friday is also the same as the latest forecast from the Bank of Spain. 

Second year of economic growth already 

This means that the Spanish economy is growing for the second consecutive year. In addition, the country is recording a growth rate similar to that of 2021, the year after the pandemic, which represents the greatest progress since 1973. 

According to data released by the INE on Friday, national demand – consumption and investment – contributed 3.1 percentage points to growth in 2022. That’s three-tenths more than the progress it gave in January. Foreign demand – exports and imports – contributed 2.4 points, two tenths less than indicated in January. 

Related post: Spain leads growth and controls inflation better than other major EU economies 

ASSSA - health insurance in Spain

The value of GDP at current prices for the whole of 2022 grew one-tenth less than predicted and amounted to €1.327108 trillion. This means that in terms of volume, it is still slightly below pre-pandemic levels. 

Figures place Spain at the head of economic growth in Europe 

The Ministry of Economy has celebrated the figures, stressing that they “place Spain at the head of economic growth and among the main countries of the Eurozone”. The ministry also emphasises the strength of the Spanish economy in an uncertain economic environment. “In an international context of enormous uncertainty, marked by the consequences of the Russian invasion of Ukraine, the Spanish economy has maintained great strength and resilience.” 

GDP growth of 2.6% 

The INE also confirmed that GDP for the last three months of 2022 increased by 0.2% to 2.6%. That figure is a long way from the 4.7% of the previous quarter. However, there are seven consecutive quarters of positive numbers. The engine behind this is formed by external demand. However, household consumption and business investment are down compared to previous months. 

Related post: Spain escapes recession according to Prime Minister Sánchez 

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