The Spanish economy recorded higher growth in recent years, which was more balanced and fiscally responsible

These reviews are carried out on a regular basis in all EU countries under Eurostat standards and allow for a more definitive estimate of GDP by incorporating more comprehensive information.

In the case of Spain, the new path shows stronger, more balanced and fiscally responsible growth of the Spanish economy. Growth has been revised upwards in the last three years, with GDP growth of 6.7% in 2021, three tenths higher than initially estimated, 6.2% in 2022, four tenths higher, and 2.7% in 2023, two tenths higher. Overall, the revised rates result in an additional 1.1 percentage point increase in cumulative growth between 2019 and 2023.

This dynamism will also be maintained in a differential way this year, and will make Spain the country with the highest economic growth among the main economies in the eurozone.

More growth and greater balance

The data reflect that the higher economic growth has also been balanced, driven mainly by domestic demand, a higher contribution from investment and the strong performance of the external sector. Moreover, the dynamism of the labour market can be seen in its higher contribution to growth thanks to the increase in the number of employed persons and the slight improvement in hourly productivity.

This stronger growth has meant that all major demand components have now returned to their pre-pandemic level.

Finally, the increase in nominal GDP by over 36.4 billion euros over the initial estimate allowed the debt to GDP ratio to be reduced by 2.7 additional points by the end of 2023, to 105%, bringing the reduction target set for this year forward by one year.

The review of the Annual National Accounts shows the effectiveness of the economic policy measures taken. This is an economic policy that has combined a short-term response to address different challenges and protect families and businesses, with an ambitious reform and investment plan through the Recovery, Transformation and Resilience Plan.

Non official translation