Spain economy grows by 5% in 2021: statistics institute

Photo: CGTN

Spain's economy grew by 5.0 percent in 2021, showing a remarkable bounceback from a year earlier but below the government's target, an initial estimate by the National Statistics Institute showed Friday.

The government had expected gross domestic product (GDP) to rise by 6.5 percent in 2021 after a year in which it contracted sharply by nearly 11 percent in one of the worst results of the eurozone.

The result however is higher than the expectations of the IMF and the OECD, which had expected 4.6 percent and 4.5 percent, respectively.