The Spanish economy grew by 5.5 per cent in 2021

The Spanish economy grew by 5.5 per cent in 2021

The Spanish economy grew by 5.5 per cent in 2021. Image: Spanish Government

The growth is four-tenths of a percentage point more than expected

According to the National Statistics Institute (INE) the strong recovery is shown by all economic indicators. The revision reflects a greater contribution from national demand due to the greater dynamism of household consumption.

The Spanish economy recorded a 5.5 per cent growth in Gross Domestic Product (GDP) in 2021. This growth represents an increase of four-tenths of a percentage point with respect to that anticipated by the Quarterly National Accounts published last December.

The Annual Accounts data show a greater contribution from domestic demand, which grew by 5.2 per cent compared with the 4.7 cent advance, thanks to the greater dynamism of household consumption, which grew by 6 per cent, 1.4 points more than the advanced data.

For its part, the growth of investment is maintained, although it is adjusted downwards, as well as that of general government consumption.

External demand is revised slightly downwards, although it maintains its positive contribution, which stood at 0.3 per cent.

The INE also revises upwards the growth of hours worked in 2021, with an increase of 7.2 per cent, two-tenths more than initially estimated, reflecting the growth of the labour market.

Employment in terms of full-time equivalent jobs is maintained at more than 18 million workers, up 6.6 per cent year-on-year.

As a result of economic activity and employment, Spain’s Gross National Income stood at €1,213,175M, 0.2 per cent higher than the previous estimate.

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Anna Ellis

Originally from Derbyshire, Anna has lived in the middle of nowhere on the Costa Blanca for 19 years. She is passionate about her animal family including four dogs and four horses, musicals and cooking.