Spain’s GDP Grew by 5.8% in 2022, Surpassing Expectations

The latest data from Spain’s National Annual Accounts reveals a robust performance for the country’s economy in 2022. Here are the key highlights:

GDP Growth: Spain’s Gross Domestic Product (GDP) experienced substantial growth in 2022, expanding by 5.8% compared to the previous year. This figure surpassed the earlier estimate provided by the Quarterly National Accounts (CNTR) in March by three-tenths of a percentage point.

Economic Indicators:

  • GDP at Market Prices: The GDP at market prices for 2022 reached 1.346 trillion euros, marking a 10.2% increase from the previous year.
  • Volume Index: The volume index, with reference to 2015, stood at 110.7, reflecting the 5.8% growth in economic output.
  • Gross National Income: Spain’s Gross National Income (GNI) grew by 9.8% in 2022, reaching 1.352 trillion euros.
  • Disposable Gross National Income: The disposable Gross National Income recorded a 9.7% increase, totaling 1.338 trillion euros.
  • Full-Time Equivalent Employment: The number of full-time equivalent jobs in 2022 increased by 3.7%, totaling 19,210.8 thousand jobs.

This positive economic performance is a testament to Spain’s resilience and recovery following the challenges posed by the global pandemic. The growth in GDP, GNI, and employment demonstrates the country’s efforts to strengthen its economic foundations.

It is worth noting that these figures are based on the advance estimates provided by the National Annual Accounts and may be subject to revisions as more detailed data becomes available.