Friday. 02.12.2022
ECONOMY

Spanish fourth quarter GDP grew more than anticipated, data shows

On a yearly basis, GDP growth improved to 5.5%, from 3.5% in the previous quarter

23 March 2022, Spain, Barcelona: People hold a banner and flags during a rally under the slogan 'Let's curb prices, let's avoid poverty' against high electricity prices, at Plaza Urquinaona. Photo: Ricardo Rubio/EUROPA PRESS/dpa.
Spanish unions leaders Unai Sordo (C) and Pepe Alvarez (2nd right) hold a banner during a rally in Barcelona under the slogan 'Let's curb prices, let's avoid poverty' against high electricity prices. Photo: Ricardo Rubio/dpa.

Spain's economy grew more than estimated in the fourth quarter, data from the statistical office INE showed on Friday.

Another report from the statistical office showed that producer price inflation accelerated the most since 1976 due to energy prices in February.

Gross domestic product (GDP) grew 2.2% sequentially in the fourth quarter, instead of the 2.0% estimated initially. However, this was still slower than the 2.6% growth posted in the third quarter.

On a yearly basis, GDP growth improved to 5.5%, from 3.5% in the previous quarter. Annual growth was revised up from 5.2%.

The expenditure-side breakdown showed that household spending growth improved to 1.5%, from 0.6%, while government spending dropped 1.6% sequentially, reversing a 0.6% rise in the third quarter.

Investments growth

Gross fixed capital formation (investments) growth accelerated to 3.6% from 1.6%. Exports grew 7.2% and imports were up 4.5%. Producer prices grew 40.7% year-on-year in February, after surging 35.7% in January. This was the fastest growth since January 1976.

Annual growth was driven by the 114.4% surge in energy prices and 21.7% rise in intermediate goods prices. Consumer goods prices moved up 6.3% and prices of capital goods were up 4.6%. Month-on-month, producer price inflation eased to 1.9% from 3.8% in the previous month.

Spanish fourth quarter GDP grew more than anticipated, data shows
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