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This is clear from the data published today by the National Institute of Statistics. If this figure is confirmed, the Spanish economy would have grown above the latest government forecasts, which pointed to an increase of 2.4% by 2023.
The Spanish economy continued on the path of deceleration last year after having grown by 5.8% in 2022 and 6.4% in 2021.
The advance in 2023 (2.5%) was the result of the rebound in domestic demand, which contributed 1.7 points to the improvement in the economy, and external demand, which contributed 0.8 points.
The value of GDP at current prices for the whole of 2023 stood at 1,462,070 million euros, 8.6% higher than in 2022.
The Minister of Economy, Carlos Body, has said that the 2023 GDP "exceeds all expectations" and has highlighted that "the drivers of growth have been two: on the one hand, private consumption based on a good evolution of power purchasing power of households and a good performance of the labor market with the creation of 780,000 jobs (...); on the other hand, we also have a very positive evolution of exports".
The economy registered an increase of 0.6% in the last quarter of the year compared to the previous one (two tenths more than the advance in the July-September section), despite the moderation of private consumption and thanks to the recovery of exports.
The INE has reviewed the quarterly advances for the rest of the year and has raised those for the first and second quarters to 0.5%, and those for the third quarter to 0.4%.
In addition, GDP grew by 2.0% year-on-year in the last months of 2023. Domestic demand contributed 2.1 points and external demand contributed 0.0 points.
The INE has also published inflation data today, which rose three tenths in January to 3.4%.
In this way, the CPI once again registers increases after two consecutive months of moderating. The data reflects the rise in electricity prices compared to the drop they experienced in January 2023. The indicator, on the other hand, dropped the indicator, whose prices are now falling when they rose in January 2023.
In monthly terms, prices rose 0.1% in January compared to December. For its part, the core CPI, which does not take into account the more volatile evolution of the prices of unprocessed food and energy, instead fell two tenths to 3.6%, which represents the lowest rate since March 2022.
