The Spanish economy posted a solid 5.5% expansion in 2022, a figure confirmed by quarterly national accounts released this week by the National Institute of Statistics. This aligns with the INE’s earlier guidance and underscores a year of robust activity across tourism, trade, and services, despite the pandemic’s lingering effects and the new pressures from the Ukraine conflict, energy costs, and record inflation. The momentum reflected a broad economic revival that carried through most sectors, with tourism leading the way as restrictions eased and travelers returned in greater numbers. These dynamics helped offset ongoing challenges, contributing to a year of strong growth across the board.
In its recent release, INE showed that the economy grew by 0.2% in the final quarter of 2022 relative to the previous quarter, a pace that echoes the revised performance for the third quarter. When the year is tallied, the annual growth stands at 5.5%, matching the previous year’s rate and marking the strongest performance in decades. The result stands in contrast to earlier government projections, which had placed growth at a slower pace, and it highlights a more vigorous recovery than anticipated as the country moved through post-pandemic normalization.
From a base comparison, the GDP figure at current prices reached 1,327,108 million euros, reflecting a year-over-year rise of about 10.0%. After a steep 11.3% decline in 2020, the economy managed two consecutive years of improvement, drawing the level of activity closer to pre-pandemic highs. This rebound illustrates how the combination of restored domestic demand, export resilience, and renewed investment contributed to the enlarged output observed in 2022, even as price pressures and external shocks persisted.
Looking at the broader trajectory, data released by INE indicate a remarkably energetic recovery across much of the year, even as late-2022 indicators pointed to a more pronounced slowdown into 2023. The quarterly performance suggests a year of strong gains that eventually leveled as new headwinds emerged, yet the overall picture remains one of resilience and sustained expansion. Analysts and forecasters noted that the strength in late 2021 and throughout 2022 provided a buffer against sharper decelerations, reinforcing the narrative of a continued, albeit uneven, recovery into the new year. (INE)