Spain Posts 5.5 Pct GDP Growth In 2022

Spain's economy grew by 5.5 percent in 2022, the country's Statistical Office (INE) said on Friday

MADRID. (UrduPoint / Pakistan Point News - 28th Jan, 2023 ):Spain's economy grew by 5.5 percent in 2022, the country's Statistical Office (INE) said on Friday.

Gross domestic product (GDP) increased by 0.2 percent in the final quarter of last year, allowing for an annual growth of 5.5 percent, despite the negative effects of the ongoing conflict in Ukraine.

Economic growth was considerably higher in 2022 than the government's forecast of 4.4 percent and the Bank of Spain's projection of 4.5 percent.

Prime Minister Pedro Sanchez welcomed the news, highlighting "the solidity and resilience of the Spanish economy." He also recalled that Spain had created 278,900 jobs in 2022 and had its lowest unemployment rate since 2008.

In 2021, the country logged 5.1 percent GDP growth against a 10.8 percent contraction the year before due to the COVID-19 pandemic.