GDP: Spain's economy grew by 2.5% in 2023, ahead of expectations

The The Spanish Economy Surprises again with the figure Overall growth of 2.5% in 2023, a tenth higher than expected. The figure is surprising in a European context: the German economy shrank by 0.3% and the French economy grew by only 0.9%.

The last quarter of the year was especially good. He GDP grew by 0.6% in the last months of the yearAccording to data released this Wednesday by the National Institute of Statistics (INE), two-tenths more than experts had expected.

The growth rate is far from the stratospheric figures of 2022, when Spain's economy grew by 5.8%, but it remains strong in an environment of high inflation, high interest rates and weak or negative growth in the economies around us.

Domestic demand contributed 2.1 points to year-on-year GDP growth, while external demand contributed nothing in the last quarter. The Factors driving growth were final consumption, household spending and public administration.This has increased their growth over the previous year.

Economy Minister Carlos Badi welcomed the data. “In the last quarter, the pulse of our economy has been maintained and this is very important because it puts us at a very favorable starting point,” he explained. Growth projections for 2024 are 2%.

The body protects it This year the economy is driven by private consumptionThanks to “the purchasing power of households and the good evolution of the labor market”, the employment figures recorded in recent months.

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