Spain’s GDP expands 5.5% in 2022 in line with preliminary estimate

March 24 (Reuters) – Spain’s gross domestic product grew by 5.5% in 2022, official data showed on Friday, confirming a preliminary estimate released in January.

Spanish GDP in the last quarter of 2022 grew 2.6% year-on-year, the National Statistics Institute said, down from a flash estimate of 2.7%.

The INE reiterated the country’s economy expanded 0.2% in the fourth quarter from the previous quarter.

Agriculture and fisheries expanded 4.3% in the quarter while industry rose 0.1% and services 0.3%, INE said.

Private consumption shrunk 1.8% in the fourth quarter from the previous quarter, while public spending expanded 1.9%, its fastest pace since 2008, INE said.

Bank of Spain said earlier this week it expects the country’s economic growth to accelerate slightly to 0.3% in the first quarter. It also raised its growth expectation for the full 2023 to 1.6% from a previous 1.3%.

The Spanish economy also expanded 5.5% in 2021 after a record 11.3% contraction in 2020 when the pandemic and its consequences hit.