The Spanish economy grew by 5.5% in 2022, the same as in 2021, after recording a quarterly rebound of 0.2% in the last quarter of the year, the same percentage as in the previous quarter, according to Accounting data. National Quarterly (CNTR) published today by the National Institute of Statistics (INE), which confirms the advanced data at the end of January for these two indicators.
However, the INE has lowered the year-on-year GDP data for the fourth quarter of 2022 by one tenth, from 2.7% to 2.6%, which is more than two points below that registered in the third quarter (4.7%), due, above all, to a lower contribution from domestic demand.
The contribution of national demand to year-on-year GDP growth was 0.9 points, 1.9 points less than in the third quarter of 2022, while external demand contributed 1.7 points, two tenths less.
The final GDP of 5.5% in 2022, 1.1 points more than that forecast by the Government (4.4%), the Spanish economy chains its second consecutive annual advance after 5.5% in 2021 after the historic decline 11.3% due to Covid. In a quarter-on-quarter comparison (last quarter of 2022 compared to the third), the economy grew by 0.2%, in the final stretch of 2022, the same as in the third quarter. With this data, seven consecutive quarters of positive rates have been accumulated.
Household consumption moderated its year-on-year growth by more than two points in the fourth quarter, to 2.7%, its smallest rise since the first quarter of 2021, while public spending increased by 2.3% after four quarters in negative. Investment, on the other hand, slowed down its growth by almost 4 points, to 2.4%, registering its smallest recovery since the fourth quarter of 2021.
For their part, exports increased by 6.9% year-on-year in the fourth quarter of last year, half that of the third quarter, while imports moderated their year-on-year growth by more than six points, to 2.4%. .
Economy details that the GDP at current prices stands at 1,327,108 million euros, 10.0% more than in 2023, while the contribution of national demand to the interannual growth of GDP is 0.9 points, which This represents a decrease of 1.9 points compared to the data for the third quarter. For its part, external demand presents a contribution of 1.7 points, two tenths less.
GDP at current prices increased by 7.9% in the interannual rate in the last quarter of the year, 1.4 points less than in the third quarter, with which the implicit GDP deflator, which calculates the difference between the Nominal GDP and real GDP increased by 5.1% compared to the same quarter of 2021, eight tenths more than the previous quarter.
Employment in the economy, in terms of hours worked, fell 0.1% quarter-on-quarter, one percentage point less than in the third quarter in terms of full-time equivalent jobs due to the reduction in average working hours complete (0.3%).
In year-on-year terms, hours worked increased by 2.7%, five tenths less than in the third quarter. Full-time equivalent positions grew by 2%, eight tenths less than in the previous quarter. The interannual variation of the unit labor cost stood at 3.2% this quarter.
Gross national disposable income increased by 7.0% in the interannual rate and national disposable income by 6.8%. Both indicators grow by 2.1% and 2.6%, respectively, compared to the previous quarter.
Household consumption decreased by 1.8% between October and December (1.8% in the previous quarter), registering its first quarterly decline since the first quarter of 2021, while investment fell by 3.7%, its biggest quarterly drop since the second quarter of 2020, when the pandemic started.
Parallel to the slowdown in household consumption and investment, public spending accelerated its quarterly growth by three tenths, to 1.9%, its highest rise since the first quarter of 2008.
Final consumption spending by households slowed down 2.2 points to a year-on-year rate of 2.7% and final consumption spending by Public Administrations presented year-on-year growth of 2.3%, representing 3.7 points more than in the previous quarter, while final consumption spending increased by 2.6% compared to the same quarter of 2021, five tenths less than that of the third quarter.
By economic sector, construction was the only one that cut its gross added value in the quarter, with a decrease of 0.3%, compared to the rises registered in agriculture (4.3%), services (0.3%) and industry (0.1%). Exports and imports went negative in the fourth quarter of 2022, with quarterly drops of 1.1% and 4.2%, respectively.