The National Statistics Institute (INE) published this Tuesday the preview of the results of the Statistical Review 2024 on the National Accounts, which has resulted in an increase of nominal GDP of €13,184 million in the reference year 2021, which means an increase of 1.1% over the level of the previous accounting base.
This impact, the INE clarifies, is transferred to the years following the reference year, 2022 and 2023, together with the effect of the routine revision (substitution of short-term sources for the available structural ones and updates of the basic sources themselves and carrying out the compilation process at a greater level of detail).
Likewise, the complete series since 1995 will be modified with annual and quarterly data, in nominal terms and in volume, which will be available at the end of September.
The INE clarifies that this statistical revision is only on the volume of GDP, but not on the growth variation rates of the Spanish economy, which will not necessarily vary despite this increase or will vary at most by several tenths of a percentage point upwards or downwards. Precisely, on September 18, the statistical office will update the GDP growth data between 2021 and 2023.
The main change that has caused this increase in the volume of GDP is mainly due to the incorporation of the information derived from the new Population and Housing Census 2021, which has led to an increase in the number of inhabitants and, therefore, this has an impact on GDP.
The combined effect of all these changes due to the incorporation of new statistical sources is estimated at a 0.7% increase in nominal GDP for the year 2021.
The other remaining 0.4% increase, up to a joint effect of 1.1%, derives from changes in the estimation methods of some data, indicated by the European Commission in the framework of the 2020-2024 cycle of verification of Gross National Income, and also comprise the implementation of the updates required in public finance statistics by the new version of the General Government Deficit and Debt Manual.
