Spain’s economy recovers at the end of the year and leads to GDP growth of 2.5% in 2023.
Spanish economy gained momentum in the fourth quarter of the year with an increase of 0.6%, after recording growth of 0.6%, 0.4% and 0.3% in the first, second and third quarters, respectively. The data, which will not be final until March 26, leads to Spanish economy growth will slow to 2.5% in 2023 after rising 5.6% in 2022, despite inflation and war in 2022, according to Quarterly National Accounts data released Tuesday by the agency National Institute of Statistics (INE).
Evolution private consumption and exports, which had slowed in previous quarters, explain the rise in the last four months of the year, Economy Minister Carlos Bodi noted in a video. “With all this, Spain is expected to become large eurozone economy will grow the most not only in 2023, but also in 2024,” he added.
Given these data, the government’s goal is for the economy to grow. 2% this year, as Corpus recalled. “We are showing the government that it is possible to combine economic growth, job creation and measures aimed at social protection and the well-being of citizens, homes and companies,” Bodie added.