(Reuters) – Spain’s economic growth was revised down in the first quarter to 0.2%, a sharp decline from the 2.2% rise in gross domestic product (GDP) recorded in the last quarter of 2021, according to data published Friday by the National Institute of Statistics (INE).
On an annual basis, GDP grew by 6.3%, after increasing by 5.5% in the fourth quarter of 2021, indicates the INE.
These figures are slightly lower than a preliminary estimate published by the INE at the end of April, which announced an increase of 0.3% over the quarter and 6.4% over one year.
Earlier this month, the Bank of Spain lowered its growth forecast for the full year from 4.5% to 4.1%, taking into account the impact of the invasion of the Ukraine by Russia and the pressure exerted on economic activity at the beginning of the year by COVID-19.
The Spanish economy had rebounded by 5.1% in 2021 after collapsing to -10.8% in 2020, due to the pandemic.
(Report Marta Serafinko and Mariana Ferreira Azevedo, French version Alizée Degorce, edited by Kate Entringer)
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