Spain’s economy grew by 5.0 percent in 2021, showing a remarkable bounceback from a year earlier but below the government’s target, an initial estimate by the National Statistics Institute (INE) showed Friday.
The government had expected gross domestic product (GDP) to rise by 6.5 percent in 2021 after a year in which it contracted by nearly 11 percent in one of the worst results of the eurozone.
Such a forecast was considered unrealistic by economists.
However the INE estimate outdid the expectations of the Bank of Spain and the OECD, which were both estimating growth of 4.5 percent.—APP
