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HomeLatest NewsConsumption and investment hold up and allow GDP to grow by 5.5%

Consumption and investment hold up and allow GDP to grow by 5.5%

Date: April 1, 2023 Time: 22:25:00

Last year the Spanish economy endured the environment of uncertainty caused by inflation, the energy shock and the consequences of the war in Ukraine. GDP grew by 5.5% last year thanks to the boost in domestic demand, since consumption and investment, both public and private, grew by more than 4%, as the foreign sector also withstood the onslaught of a situation marked by the uncertainty. Specifically, it contributed 2.6 points to total progress, in an environment of slowdown in our main trading partners, thanks to the dynamism of exports.

The preview of the National Accounts data published this Friday by the National Statistics Institute (INE) reveals how between October and December growth remained weak, at 0.2% compared to the previous quarter, in a context marked by the global slowdown. This data supposes, however, that activity would have been somewhat more dynamic, given that from July to September (with inflation reaching a peak of 10.8%), GDP stagnated at 0.1%.

That 5.5% growth in the year as a whole is 1.1 points higher than the forecast that the Government had set in the macroeconomic table that it assigns as the basis for the preparation of the General State Budget for 2023, and is also higher than what was calculated the main national and international organizations. “In an international context of great uncertainty, marked by the consequences of Russia’s war in Ukraine, the Spanish economy has shown great strength and resilience,” sources from the Ministry of Economic Affairs point out.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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