And the data published by the National Institute of Statistics added that this strong growth exceeded local, regional and international expectations, pointing out that the official expectations of the Spanish government stood at 4.4 percent, while the expectations of the Spanish Central Bank, the International Monetary Fund and the Organization for Economic Cooperation and Development stood at 4.5 percent.
She explained that the Spanish economy avoided recession at the end of last year, achieving a growth of 0.2 percent in the fourth quarter, after growing by 0.1 percent in the third quarter.
Economists polled by Reuters had expected growth of 0.1 percent on a quarterly basis and 2.2 percent on an annual basis.
And the official Spanish television quoted sources in the Spanish Ministry of Economy as saying that these data show that “the Spanish economy has shown, despite the international circumstances and the repercussions of the Russian war in Ukraine, great strength and resilience.”
Local and regional forecasts indicate that the Spanish economy will slow to between 1 and 1.3 percent at the end of this year.
Madrid expects GDP growth to slow to 2.1 percent in 2023, although many analysts expect a sharper slowdown.
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