The Spanish economy grew by 5.1% in 2021, according to revised data published by the INE this Friday. This is one tenth more than the 5% that the statistical institute had advanced. After the brutal drop in production due to the pandemic in 2020, with a drop of 10.8%, activity resumed last year despite the restrictions and problems that the coronavirus still caused.
This growth rate is very robust, the highest in 21 years, and very positive if the burdens imposed during that year by covid are taken into account. But it also implies that the GDP lost with the pandemic has not yet been recovered: at the end of the fourth quarter there is about 4% left to recover the levels that were lost with the great confinement. The figure is also below the 6.5% that the Government anticipated and very far from the 7.2% (9.8% counting on European funds) that it drew for the 2021 Budgets.
In the last quarter of the year, the GDP added a quarterly 2.2% compared to the 2% that had been initially estimated. The correction is fundamentally due to an improvement in consumption, which went from sinking 1.2% quarterly to growing by a very strong 1.5%. Instead, it worsens public consumption and investment.
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