Spain | GDP grew 2.0% q/q in Q4 and 5% in 2021, in line with forecast

Summary

The economy slowed in 4Q21 (2.0% q/q), but the composition of demand was virtuous. In particular, growth was supported by investment and trade flows. Thus, 2021 closed with an annual increase of 5%, which confirms BBVA Research forecasts and places activity at 4pp of the pre-crisis peak.

Key points

• Key points:
• The recovery lost momentum at the end of 2021, which does not dampen the positive balance of the year.
• Growth is equally explained by domestic and external demand
• Consumption, both private and public, limited the advance of activity
• Most of the activity improvement is attributable to productivity

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