Spain's Post-COVID Economic Growth Surpasses Expectations

Spain's post-COVID economic growth has been better than expected, according to new data from the National Statistics Institute.

The country's GDP grew 5.8% in 2022, up 0.3% from previous estimates. In 2021, GDP grew 6.4%, much higher than the initial 5.5% figure.

Revisions are due to new data and difficulty measuring activity during the pandemic. The fall in 2020 GDP was also slightly revised.

With the new data, Spain's economy recovered to pre-pandemic levels in 2022, not 2023 as previously thought.

Spain's upward revisions contrast with downward revisions for the whole EU. The EU forecasted 0.8% growth in 2023, down from 1% projected earlier.