Spain | GDP growth of 2.2% q/q in Q4 and 5.1% in 2021, in line with forecasts

The economy slowed in 4Q21 (2.2% q/q), but the composition of demand was virtuous. Specifically, growth was supported, above all, by investment and exports. Thus, 2021 closed with an annual increase of 5.1%, confirming BBVA Research forecasts

Key points

• Key points:
• The recovery lost some traction at the end of 2021, which did not dampen the positive balance of the year
• Growth is explained in equal parts by domestic and external demand
• The increase in activity was mainly supported by investment and exports
• Most of the improvement in activity is attributable to productivity

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