MADRID, March 26 (Xinhua) -- Spain's gross domestic product (GDP) grew by 2.5 percent in 2023, after an increase of 0.6 percent in the fourth quarter, the National Institute of Statistics (INE) said on Tuesday.

The data marks an improvement from the government's earlier projection of 2.4 percent growth for last year. However, it falls significantly short of the post-pandemic economic recoveries observed in 2022 and 2021, during which the country achieved GDP growth rates of 5.8 percent and 6.4 percent respectively.

Nevertheless, Economy Minister Carlos Cuerpo said Spain's growth rate is five times the eurozone's average, and represents the strongest growth among Europe's major economies.

The growth was mainly driven by national demand, which contributed 1.7 points to GDP growth, according to INE figures.

Spain's exports rose by 0.8 percent last year, but business investment was still below pre-pandemic levels, the INE said.

It said Spain's economy rallied in the fourth quarter, with the GDP growth increasing 0.6 percent over the July-September period. The value of GDP at current prices for the whole year stood at about 1,462 billion euros (1,348 billion U.S. dollars), 8.6 percent higher than in 2022. Enditem

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