2022.03.2512:47:00UTC+00Spain GDP Rises More Than Estimated In Q4

Spain's economy grew more than previously estimated in the fourth quarter, data from the statistical office INE showed on Friday.

Another report from the statistical office showed that producer price inflation accelerated the most since 1976 on energy prices in February.

Gross domestic product grew 2.2 percent sequentially in the fourth quarter, instead of 2.0 percent estimated initially. However, this was still slower than the 2.6 percent growth posted in the third quarter.

On a yearly basis, GDP growth improved to 5.5 percent from 3.5 percent in the previous quarter. The annual growth was revised up from 5.2 percent.

The expenditure-side breakdown showed that household spending growth improved to 1.5 percent from 0.6 percent, while government spending dropped 1.6 percent sequentially, reversing a 0.6 percent rise in the third quarter.

Gross fixed capital formation growth accelerated to 3.6 percent from 1.6 percent. Exports grew 7.2 percent and imports were up 4.5 percent.

Producer prices grew 40.7 percent year-on-year in February, after surging 35.7 percent in January. This was the fastest growth since January 1976.

The annual growth was driven by the 114.4 percent surge in energy prices and 21.7 percent rise in intermediate goods prices. Consumer goods prices moved up 6.3 percent and prices of capital goods were up 4.6 percent.

Month-on-month, producer price inflation eased to 1.9 percent from 3.8 percent in the previous month.