Spain revised upwards its annual economic growth for the 2021-2022 period on Wednesday3, showing the resilience of the eurozone’s fourth-largest economy to ECB interest rate hikes and inflation and outperforming its regional neighbours.
After computing the final data, the National Institute of Statistics of Spain, INE, He said the country’s gross domestic product expanded 2.7 percent last year, above the previously reported growth rate of 2.5 percent.
New data puts the size of the Spanish economy at €1.5 trillion, US$1.67 trillion in 2023.
“The review (…) shows stronger, more balanced and more responsible economic growth,” Economy Minister Carlos Cuerpo said on social media X.
The government said the review had enabled it to meet its debt reduction target a year ahead of schedule, with the debt-to-GDP ratio falling to 105% in 2023.three percentage points below the original estimate.
The INE also revised the 2022 growth rate to 6.2%, from 5.8%, and the 2021 expansion to 6.7%, from 6.4%showing a faster rebound from an economic slump caused by the Covid-19 pandemic and consumer spending resilient to high energy and food prices.
The INE is scheduled to review the quarterly data on September 27.
The Bank of Spain on Tuesday raised its economic growth forecast for this year from 2.3% to 2.8%, largely due to the boom in tourism and population growth.
For the eurozone as a whole, however, The European Central Bank last week lowered its economic growth forecast for the region in 2024 from 0.9% to 0.8%.
