The organization cuts one tenth, to 2.6%, the growth of the interannual GDP in the fourth quarter, compared to 4.7% in the previous quarter
MADRID, 24 Mar. (EUROPA PRESS) –
The Spanish economy grew by 5.5% in 2022, the same as in 2021, after recording a quarterly rebound of 0.2% in the last quarter of the year, the same percentage as in the previous quarter, as reported this Friday by the National Institute of Statistics (INE), thus confirming the data that advanced at the end of January for these two indicators.
On the other hand, the agency has lowered its 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 below that registered in the third quarter (4.7%).
With growth of 5.5% experienced in 2022, 1.1 points higher than that forecast by the Government (4.4%), the Spanish economy chained its second consecutive annual growth after the 5.5% advance it registered in 2021 and which meant a return to positive rates after the historic drop in GDP of 11.3% caused by the outbreak of the coronavirus.
Domestic demand contributed 3.1 points to GDP growth in 2022, a figure 2.1 points lower than that of 2021, while external demand contributed 2.4 points, 2.1 points above the previous year.
At current prices, GDP for 2022 stood at 1,327,108 million euros, 10% more than in 2021.
In the interannual rate, GDP in the fourth quarter grew by 2.6%, which is 2.1 points less than in the previous quarter (4.7%), due, above all, to a lower contribution from domestic demand.
Specifically, the contribution of national demand to year-on-year GDP growth was 0.9 points, 1.9 points less than in the third quarter of 2022, while external demand contributed 1.7 points, two tenths less .
Household consumption moderated its year-on-year growth by more than two points in the fourth quarter, to 2.7%, while public spending increased by 2.3% after four negative quarters. Investment, on the other hand, slowed down its growth by almost 4 points, to 2.6%.
In the final stretch of 2022, GDP grew by 0.2%, the same as in the third quarter. With this data, seven consecutive quarters of positive rates have been accumulated.
Household consumption decreased by 1.8% between October and December (1.8% in the previous quarter), registering its first quarterly decline since the first quarter of 2021.
In parallel to the slowdown in household consumption, public spending accelerated its quarterly growth by three tenths, to 1.9%, unlike investment, which contracted 3.7% in the fourth quarter, its largest quarterly decline since the second quarter of 2020, when the pandemic started.
