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INs confirms that the recovery is far from complete: growth in 2021 remained at 5.1%

INS on growth in 2021 Julius Conley ★★★★★

The National Institute of Statistics (INS) slightly revised upward the growth of 2021: from 5% to 5.1%, which were published this Friday in the National Accounts for the fourth quarter of last year.

This means that statistics confirm that the recovery is far from complete, that the final data is indeed significantly lower than what the government predicted, and, more importantly, that the Spanish economy is facing a new crisis, having not yet recovered from the previous ones.

After the historic collapse that occurred in 2020 with a fall of 10.8%, the largest among developed countries, the Spanish economy also remaINSd hanging in the European recovery. More declINS in 2020 and less growth in 2021, despite the fact that this figure of 5.1% is the best since 2000.

In addition, according to the NSI figures, the country finished the year better than expected. The consumption of families, which according to preliminary data showed an unexpected drop, now indicates that with all available data it was positive. This was key to the quarterly rebound of 2.2% in October, November and December 2021, which is two tenths more than expected.

Therefore, the government believes that "the growth of the Spanish economy has maintaINSd its strength during the last quarter of the year," as the Ministry of Economy explaINSd in an assessment it makes from data published by INS.

"The annual growth in 2021 was 5.1%, which underlINSs the steady recovery of the Spanish economy, especially in the second half of the year," insists the department headed by Nadia Calvinho, adding that "this recovery is especially relevant in the labor market, with employment growth of 5.8% year-on-year and the creation of 1022,000 jobs." in 2021, and the reduction of unemployment, which reached the level of 2008.

However, nothing indicates that the Government's forecasts are far from the final figures, that budgets are prepared on completely outdated data and that the country is far from returning to the Covid price level. The promise of the executive branch was to do it this year, after the eurozone did it already at the end of last year, but Russia's invasion of UkraINS and the consequences of the war will delay this moment for at least another year.

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