Spain's economy increases pace of growth, going up by 0.6% in Q1
GDP of country surges by 4.2% year-on-year, completing Covid recovery
Spain's economy has increased its pace of growth, going up by 0.6% in the first quarter of 2023, compared to December 2022 – this is a tenth higher than in the previous quarter.
Taking into account the year-on-year difference, the country's GDP surged by 4.2% compared to the first quarter in 2022, a significantly higher yearly difference on the end of 2022, at 3.1%.
According to data published by the Spanish statistics institute INE on Friday, the figures are slightly higher than the preliminary estimation published two months ago, at quarterly 0.5% and yearly 3.8% growth.
Full recovery after Covid
These figures show that Spain has fully recovered its GDP pre-pandemic levels for the first time.
Spain's GDP contracted by 11% in 2020 compared to the previous year as a result of the pandemic and the restrictions imposed in an attempt to curb the spread of the virus that the INE described as an "unprecedented challenge" with wide-ranging consequences.
Steady economy growth in 2023
With final figures specifically on Catalonia still missing, the Catalan economy saw steady growth in the first quarter of 2023, according to preliminary data published by Idescat institute in May.
Compared to the previous quarter, Catalonia's GDP grew by 1.2%, while the year-on-year growth stood at 3%.