Spain's Post-COVID Economic Growth Surpasses Expectations
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Spain's post-COVID economic growth has been better than expected, according to new data from the National Statistics Institute.
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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.
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Revisions are due to new data and difficulty measuring activity during the pandemic. The fall in 2020 GDP was also slightly revised.
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With the new data, Spain's economy recovered to pre-pandemic levels in 2022, not 2023 as previously thought.
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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.
