2023.03.2414:05:00UTC+00Spain Q4 GDP Growth Unrevised At 0.2%

Spain's economy expanded at a stable pace as initially estimated in the final quarter of 2022, underpinned mainly by state spending, the latest figures from the statistical office INE showed Friday.

Gross domestic product, or GDP, grew 0.2 percent from the previous quarter, when the economy grew the same 0.2 percent. That was in line with the flash data published on January 27.

Moreover, the Spanish economy expanded for the third consecutive month in the fourth quarter.

On the expenditure side, final consumption expenditure by the government advanced 1.9 percent quarterly in the fourth quarter, while household expenditure logged negative growth of 1.8 percent.

Data showed that gross fixed capital formation, or investments, contracted notably by 3.7 percent.

On a year-on-year basis, GDP rose 2.6 percent in the fourth quarter following a 4.7 percent expansion in the previous three months, which was revised down from 4.8 percent.

In the flash report, the rate of growth for the December quarter was 2.7 percent.

Separate official data showed that producer price inflation held steady at 7.8 percent in February.

Prices for consumer goods alone grew 14.9 percent yearly in February, and those for energy increased 4.5 percent.

Excluding energy, underlying producer prices rose 9.5 percent annually, weaker than the 10.5 percent gain in January.

On a monthly basis, producer prices moved up 2.1 percent after falling 2.3 percent in January. This was the first increase in six months.