Madrid: Spanish economic growth was slightly stronger than expected in 2023 as gross domestic product picked up pace at the end of last year, official data showed on Tuesday.
The euro zone’s fourth largest economy increased by 0.6 per cent between October and December, up from 0.4 per cent in the previous quarter, on the backs of robust domestic and external demand, national statistics office INE said in a statement.
The economy grew by 2.5 per cent during 2023 despite slowing growth elsewhere in Europe and rising interest rates, surpassing the government’s forecast of 2.4 per cent.
The French economy, by contrast, grew 0.9 per cent last year.
The Bank of Spain last year revised upwards its growth forecast for the Spanish economy to 2.3 per cent in 2023 after the country’s key tourism sector had a solid summer.
Spain welcomed a record number of foreign tourists last year, over 84 million, a 19-per cent jump from 2022.
The rise in visitor number helped push the jobless rate to 11.76 per cent at the end of 2023, its lowest level since 2007.
Spain is the world’s second-most visited country after France and tourism is crucial for the domestic economy, making up 12.8 per cent of gross domestic product in 2023. — AFP
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