As a consequence of the review of the annual national accounting data, the growth in GDP volume in 2021 has been revised nine tenths upwards, from 5.5% to 6.4%, and the variation corresponding to the year 2020 is increases one tenth upwards, reducing the fall in the pandemic year to 11.2%.
For its part, Spanish GDP advanced 5.8% in 2022, which is three tenths more than the rate published last March.
The INE explained that the first annual estimates published at the end of March "are characterized by their limited accounting framework and by the use of sources and calculation procedures that give them a high degree of provisionality, which is why they must be modified and disaggregated in the short/medium term".
Regarding the composition of growth in 2022, a lower contribution from national demand is now estimated (2.9%, compared to the previous 3.1%) and a greater contribution from external demand (2.9%, compared to 2.4%). Household final consumption spending increased by 4.7% (compared to 4.4% in March).
The Ministry of Economic Affairs and Digital Transformation indicated that it is a review that "is carried out regularly in all countries of the European Union and allows for a more disaggregated and definitive estimate of GDP by incorporating more complete information."
Regarding the data, they highlighted that "it is confirmed that growth in 2021 and 2022 was higher than estimated, driven by private consumption, the good performance of the foreign sector and the better performance of the manufacturing industry and professional and scientific activities" and that this "dynamism" is maintained "differentially" this year and will allow Spain to be "the country of the large economies of the euro zone that has the greatest economic growth." Likewise, he highlighted that the data "attests the adequacy of the economic policy response applied during these years."
Calviño's department indicated that the increase in nominal GDP by more than 20,000 million "would allow the fiscal objectives set in the Stability Program to be anticipated, bringing forward the reduction to below 110% to 2023."