The Spanish economy closed 2021 with a 5.1% rise in

Gross Domestic Product

(

GDP

), the highest in 21 years, after the historic fall of 10.8% that was recorded in 2020 as a result of

Covid-19

, according to the

National Accounts

data

published this Friday by the

National Institute of Statistics

(

INE

).

As detailed by the

INE

, national demand contributed 4.7 points to GDP growth in 2021 compared to 2020, a figure 13.3 points higher than the previous year.

For its part, external demand presented a contribution of 0.5 points, 2.7 points higher than that of 2020.

The value of GDP at current prices for the whole of 2021 stood at 1,205 billion euros, 7.4% higher than in 2020.

Regarding the last quarter of 2021, the Spanish GDP registered a growth of 2.2% compared to the previous quarter in terms of volume.

The rate is four tenths lower than that registered in the third quarter and two tenths higher than that advanced by the INE on January 28.

Interanual variation

As for the interannual variation of the GDP, it stood at 5.5%, compared to 3.5% in the previous quarter, this rate being three tenths higher than that advanced in January.

Employment in the economy, in terms of hours worked, registered a quarter-on-quarter variation of 0.1%.

This rate is less than that of full-time equivalent jobs (0.7%) due to the reduction observed in the average full-time working hours (0.8%).

In year-on-year terms, hours worked grew by 2.7%, a rate six tenths lower than that of the third quarter of 2021, and full-time equivalent positions grew by 5.8%, five tenths less than in the third quarter.

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