Spain's economy scaled up by 5 pc in 2021

MADRID – Spain's Gross Domestic Product (GDP) expanded by 5 percent in 2021, according to the country's National Statistical Institute. However, according to the reports, growth is falling short of the government's target.

After a year in which the economy contracted by 10.8 percent owing to the Covid-19 pandemic, the government forecasted that GDP would grow by 6.5 percent in 2021.

The National Statistical Institute result is higher than the forecast of  International Monetary Fund (IMF's) of 4.6 percent growth and the Bank of Spain's and the Organization for Economic Cooperation and Development's forecasts (OECD).of 4.5 percent growth.

The National Statistical Institute published data earlier this week showing that Spain created 840,600 new jobs in 2021, with unemployment falling by 616,000 as the economic recovery accelerates.

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