Spain’s stats institute revises up 2021 economic growth to 5.5%

The Spanish statistics institute on Thursday revised the 2021 gross domestic product’s growth rate to 5.5% up from an original 5.1% after computing the year’s final data.

The INE, as the institute is known, also revised the 2020 data, when restrictions related to the COVID-19 pandemic impacted economic activity, to a 11.3% contraction down from 10.8%.

The contraction in 2020 was the deepest on record, while the revised rebound in 2021, at 5.5%, was still slower than the government’s initial target of 6.5%.

INE is due to release an update of second quarter GDP growth data on Sept. 23.