National Institute of Statistics (INE) revised its growth upwards. Spanish economy From 5.1% to 5.5% in 2021due to the larger contribution of domestic demand from a larger-than-anticipated increase in household consumption.
In particular, the increase in GDP growth for 2021 compared to data released by Quarterly National Accounts on March 31 responds to the fact that: the contribution of domestic demand was revised upwards by half a percentage point from 4.7% to 5.2%, against a lower contribution to estimated external demand (from 0.5% to 0.3%).
Under national demand, INE increased its annual final consumption expenditure from 4.2% to 5.1% revised investment growth from 6.8% to 5.9%.
Household consumption was revised upwards by 1.4 points, showing a growth of 6%.public spending is progressing less than anticipated: increasing by 2.9% compared to the previously expected 3.1%.
At current prices, The annual change in GDP was 7.9% as opposed to 7.4% expected at the end of March. by INE. With this, the value of GDP at current prices for 2021 stood at 1,206,842 million euros, still below 1.24 trillion in 2019 before the pandemic.
The implicit GDP deflator increased from 2.2% in the previous estimate to 2.3% in the current estimate and from 7% to 7.2% in hours worked.
with everything, Spain’s gross national income amounted to 1,213,175 million euros in 2021.That’s 0.2% higher than the previous estimate, according to the Annual National Accounts released this Thursday by Statistics.