Bank of Spain said earlier this week it expects the
country's economic growth to accelerate slightly to 0.3% in the
first quarter. It also raised its growth expectation for the
full 2023 to 1.6% from a previous 1.3%.
The Spanish economy also expanded 5.5% in 2021 after a
record 11.3% contraction in 2020 when the pandemic and its
consequences hit.
(Reporting by Tiago Brandao, Editing by Inti Landauro)
(Breaks down the GDP data and adds context)
March 24 (Reuters) - Spain's gross domestic product grew
by 5.5% in 2022, official data showed on Friday, confirming a
preliminary estimate released in January.
Spanish GDP in the last quarter of 2022 grew 2.6%
year-on-year, the National Statistics Institute said, down from
a flash estimate of 2.7%.
The INE reiterated the country's economy expanded 0.2% in
the fourth quarter from the previous quarter.
Agriculture and fisheries expanded 4.3% in the quarter while
industry rose 0.1% and services 0.3%, INE said.
Private consumption shrunk 1.8% in the fourth quarter from
the previous quarter, while public spending expanded 1.9%, its
fastest pace since 2008, INE said.
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