INE: Spain's GDP increases 2.5 pct. in '23

MADRID, March 26 (KUNA) -- In an official report by the Spanish National Statistics Institute (INE) announced, Tuesday, the growth and increase of Spanish economy to 2.5 percent in 2023, marking Spain's economy significant regionally. The INE reported the Spanish Gross Domestic Product (GDP) increased to 2.5 percent in 2023 despite geopolitical tensions, and economic uncertainty in the European region. The report included the economic growth during the fourth quarter from 2023 increased at a rate of 0.6 percent. The accumulated data affirmed the preliminary analysis of the report by the INE affiliated with the Spanish Ministry of Economy in January 2024, exceeding the official government estimates by a two percent growth in a year in 2023.
In response, Spanish Minister of Economy, Trade and Business Carlos Cuerpo stated on social media platform (X) the report signifies the economy's progress despite dissatisfactory expectations, indicating the data supports the declining of unemployment, inflation, and growth in foreign investment rates. Spain's GDP increased to 5.77 percent in 2022, 6.4 percent in 2021, and decreased 11.17 percent in 2020 during the Coronavirus Pandemic, noting that the GDP grew to 1.98 in 2019 and 2.28 percent in 2018. (end) hnd.za