The economy grew by 2.5% in 2023 in the Spanish State, five times more than in the eurozone

The Spanish economy grew 2.5% in 2023one tenth more than expected by the Government of Pedro Sánchez, after recording a quarterly increase of 0.6% in the last quarter of the year, according to data published today by the Statistics National Institute (INE).

In this way, the Spanish economy chained its third annual growth consecutive, although last year was the most moderate of said period: in 2021, GDP advanced by 6.4%, in 2022 it grew by 5.8% and has now softened its momentum to 2.5%. These three years of growth have occurred after the historic decline in GDP of 11.2% caused by the outbreak of the coronavirus.

The annual growth has been supported by the strength of the family consumption driven by the employment creation and in the good evolution of the foreign sectorin a context in which interest rates are at their highest level in the last two decades.

The Spanish Minister of Economy, Commerce and Business, Carlos Corpshas stressed that the final growth data for 2023 published today by the INE “confirm, once again, the good progress of the Spanish economy.”

“In the face of catastrophic predictions and biased stories, the figures are clear and incontestable,” said Body, who highlighted that the 2.5% growth achieved in 2023 is “more than 5 times higher than the average of the euro zone and the highest among the main European economies”.