“Good news” ” for the Minister of Economy, Carlos Body, after the upward revision of Spanish economic growth published this Wednesday by the National Institute of Statistics (INE). Specifically, it does so for the last three years that coincide with those of the recovery after the collapse caused by the covid-19 pandemic in 2020. In fact, this income also shows three tenths of improvement, placing the contraction of that year at 10.9%.
In this sense, the INE improves Spanish economy to grow by up to 2.7% in 2023 (two tenths more), up to 6.2% in 2022 (four tenths more) and up to 6.7% in 2021 (three tenths more). This Wednesday’s publication corresponds to the revision of the annual GDP for the period 1995-2023, after the implementation of the “Statistical Review 2024” which obliges all countries of the European Union (EU) to do so. Added to this is the regular survey carried out annually by the statistical agency for the past three years.
Given these two issues, revisions to the level of GDP at current prices are on average 0.5% higher for all years in the series. In 2023, 36,435 million euros will be added, bringing nominal GDP to 1,490 billion euros. The upward revision of growth for 2023, now estimated at 2.7%, was motivated by a greater contribution from external demand (exports and imports), six tenths more than the previous calculation, due to the stronger growth in exports.
In addition, the increase in final consumption expenditure of general government is increasing and the decline in investment is worsening. 1.2 points more than previously expected. The Government stressed that the revision reflects “stronger, more balanced and financially responsible” growth, which made it possible to bring forward to 2023 the target for reducing the public debt/GDP ratio planned for this year.
With a higher GDP, the the debt level has been reduced by almost three points additional in 2023, up to 105%. In statements to CongressThe Minister of Economy and Commerce, Carlos Body, insisted that the INE data present an “even more positive” situation for the Spanish economy, as it has experienced “stronger, more balanced and responsible” growth, which, according to him, demonstrates “the effectiveness of the measures implemented by this government.”
“This is very good news”“, said the minister in statements to the media in Congress, after seeing the data from the INE, from which he highlighted that Spain has experienced growth of one point more in these years than previously estimated, which is why the recovery has been brought forward. GDP level before the pandemic.
Furthermore, as he said, the Spanish economy – in nominal terms – is “36.4 billion more than previously estimated” and that has “very important implications in terms of the narrative, about what happened in those years with our economy and where we are today.”
