News Travel Tourism: Spain Post-Covid Growth Exceeds Expectations
Spain's economic growth in the aftermath of the Covid-19 pandemic has surpassed initial estimates, according to new figures released on Monday by the National Institute of Statistics (INE).
The Gross Domestic Product (GDP) increased by 5.8% in 2022, which is 0.3 percentage points higher than previously reported.
In 2021, the GDP surged by 6.4%, significantly exceeding the initial estimate of 5.5%, as explained by the INE. They attribute these revisions to the inclusion of new economic data and the challenges associated with measuring economic activity accurately during exceptional circumstances, such as the Covid pandemic.
One of the Steepest Declines in Europe during Covid The INE also slightly revised Spain's GDP decline in 2020 during the strictest Covid-related restrictions to -11.2%, compared to the previously reported -11.3%. This figure remains one of the sharpest drops in Europe, primarily due to the country's heavy reliance on tourism.
Following the revisions announced on Monday, the Spanish economy recovered its pre-pandemic level last year, contrary to the previous estimate of the first quarter of 2023.
"Spain regained its pre-pandemic GDP level as early as 2022," declared the Ministry of Economy on "X," formerly known as Twitter. The ministry continued, "This momentum has continued in 2023, making us the country with the highest growth among major economies."
According to the European Commission, Spain's growth is expected to reach 2.2% in 2023.