Spain registers 5.5% GDP growth in 2022

by IANS |

Madrid, Jan 28 (IANS) Spain's economy grew by 5.5 per cent in 2022, the country's Statistical Office (INE) said on Friday.

The GDP increased by 0.2 per cent in the final quarter of 2022, allowing for an annual growth of 5.5 per cent, despite the negative effects of the ongoing conflict in Ukraine.

Economic growth was considerably higher in 2022 than the government's forecast of 4.4 per cent and the Bank of Spain's projection of 4.5 per cent, Xinhua news agency reported.

Prime Minister Pedro Sanchez welcomed the news, highlighting "the solidity and resilience of the Spanish economy". He also recalled that Spain had created 278,900 jobs in 2022 and had its lowest unemployment rate since 2008.

In 2021, the country logged 5.1 per cent GDP growth against a 10.8 per cent contraction the year before due to the Covid-19 pandemic.

Predictions for 2023 are not as optimistic in the context of a global economic downturn, with the government expecting GDP to rise by 2.1 per cent. Other organisations count on an increase between 1 and 1.5 per cent.

Latest News
Zerodha CEO Nithin Kamath suffers mild stroke, on path to recovery Mon, Feb 26, 2024, 04:26 PM
Foundation of media should be based solely on truth: Yogi Adityanath Mon, Feb 26, 2024, 04:19 PM
Got to give so much credit to Bashir and Hartley; future looks bright: Stokes Mon, Feb 26, 2024, 04:15 PM
J&K: Sajad Lone to contest from Baramulla LS seat Mon, Feb 26, 2024, 03:57 PM
Got to give so much credit to Bashir and Hartley; future looks bright: Stokes Mon, Feb 26, 2024, 03:43 PM
Congress cry in political wilderness of J&K Mon, Feb 26, 2024, 03:40 PM
4th Test: Whatever the situation demands, I want to do that, says Dhruv Jurel Mon, Feb 26, 2024, 03:16 PM
PM Modi to inaugurate projects worth Rs 1,800cr in Kerala on Feb 27 Mon, Feb 26, 2024, 03:07 PM
PM Modi to review Gaganyaan progress, inaugurate three ISRO facilities on Tuesday Mon, Feb 26, 2024, 03:00 PM
Truecaller launches AI-powered call recording for iOS, Android users in India Mon, Feb 26, 2024, 02:59 PM
Indian Deaf Cricket team gears up for DICC T20 World Cup 2024 in Sharjah Mon, Feb 26, 2024, 02:07 PM
4th Test: Gill & Jurel steer India to series victory with hard-fought five-wicket win over England Mon, Feb 26, 2024, 02:00 PM
4th Test: India beat England by 5 wickets in Ranchi Test, seal series Mon, Feb 26, 2024, 01:52 PM
Over 45.8 mn children to receive polio vaccination in Pakistan: Health Ministry Mon, Feb 26, 2024, 12:53 PM
4th Test: Jaiswal levels Kohli for most runs by Indian batters in home series Mon, Feb 26, 2024, 12:49 PM