The INE (National Statistics Institute) has revised the fall in Spanish GDP in 2020 and has lowered it by one tenth of a point, while it has revised upwards -again- GDP growth in 2021 compared to 2020, which now rises by almost one point, from 5.5% to 6.4%, compared to what was published in September last year.
The National Statistics Institute (INE) has also revised GDP growth in 2021 upwards, rising by three tenths of a point to +5.8 compared with the figure published in March. As for the composition of growth, it now estimates a lower contribution from national demand (2.9%, compared with the previous 3.1%) and a greater contribution from external demand (2.9%, compared with 2.4%).
With this update of the national accounts series for the years 2020/21 and 22, the annual GDP at current prices for 2022 was €1,346,377 million, 1.5% more (19,269 million more) than initially established. In this way, according to the Ministry of Economic Affairs, Spain would have recovered its pre-Covid GDP level by 2022. In this way, Spain’s debt-to-GDP ratio is reduced by a further 1.6 points to below 110%.
Since the government changed the president of the INE, the new president has already made three upward revisions of Spanish GDP.
