The revisions are due to new economic data and the difficulty in measuring economic activity in “such exceptional circumstances” as the COVID-19 pandemic, according to the INE.
ADVERTISEMENTThe country’s GDP rose by 5.8% in 2022, which is 0.3% higher than previous estimations.
Additionally, in 2021, Spain’s GDP climbed by 6.4% — a figure significantly higher than the 5.5% first announced, according to the INE.
It said that the revisions are due to new economic data and the difficulty in measuring economic activity in “such exceptional circumstances” as the COVID-19 pandemic.
The INE also slightly revised the fall in Spain’s 2020 GDP, when the strictest health restrictions came in: from 11.3% to 11.2%.
The fall in Spain’s economic output remains one of the harshest in Europe, due to the country’s dependence on tourism.
Following the revisions published on Monday, the economy bounced back to pre-pandemic levels last year as opposed to the beginning of 2023 as previously estimated.
“Spain already recovered its pre-pandemic GDP level in 2022,” the economy ministry said on X, formerly Twitter.
“This momentum will be maintained in 2023, allowing us to be the country with the highest growth among the major EU economies.,” it said.
According to the European Commission, Spain’s growth should reach 2.2% in 2023.
Spain’s upward revisions contrast with those of the EU as whole, which announced last week that it will grow by a modest 0.8% this year, slightly down from the 1% projected in spring, and by 1.4% in 2024.
