The Spanish economy has closed the year 2023 with notable momentum
The Spanish economy has closed the year 2023 with notable momentum, registering a financing capacity compared to the rest of the world of 16,131 million euros in the fourth quarter, according to data published today by the National Institute of Statistics (INE). This figure represents 4.2% of GDP for the period, which represents a significant advance compared to the same quarter of the previous year.
This positive result is mainly due to a greater balance of foreign exchanges of goods and services, together with a favorable evolution of income and current transfers, which have generated a balance of current operations abroad higher than in 2022.
Gross national income on the rise
Gross national income reached 384,435 million euros in the fourth quarter, while gross national disposable income stood at 381,291 million. In 2023 as a whole, national income amounted to 1,452,661 million, 7.4% higher than in 2022, reflecting solid growth in the Spanish economy.
Increase in savings rate
The household savings rate also experienced a significant increase in the fourth quarter, standing at 17.3% of their gross disposable income, compared to 15.0% in the same period of 2022. For the year as a whole, the household savings rate stood at 11.7%, 4.1 percentage points higher than the previous year.
A positive economic outlook
The figures published by the INE confirm the positive trend of the Spanish economy, which is heading towards 2024 with favorable prospects. The financing capacity, the growth of national income and the increase in household savings are indicators that predict a hopeful future for the country.
For more information, you can consult the INE press release and the Institute's database.
Press Release
