Spain registers 5.5% GDP growth in 2022

Madrid: Spain’s economy grew by 5.5 per cent in 2022, the country’s Statistical Office (INE) said on Friday.

The GDP increased by 0.2 per cent in the final quarter of 2022, allowing for an annual growth of 5.5 per cent, despite the negative effects of the ongoing conflict in Ukraine.

Economic growth was considerably higher in 2022 than the government’s forecast of 4.4 per cent and the Bank of Spain’s projection of 4.5 per cent, Xinhua news agency reported.

Prime Minister Pedro Sanchez welcomed the news, highlighting “the solidity and resilience of the Spanish economy”. He also recalled that Spain had created 278,900 jobs in 2022 and had its lowest unemployment rate since 2008.

In 2021, the country logged 5.1 per cent GDP growth against a 10.8 per cent contraction the year before due to the Covid-19 pandemic.

Predictions for 2023 are not as optimistic in the context of a global economic downturn, with the government expecting GDP to rise by 2.1 per cent. Other organisations count on an increase between 1 and 1.5 per cent.

–IANS

 

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