Bankinter : 4Q2022 final GDP grows +2.6% year-on-year, adjusted one tenth of a percentage point lower than anticipated. In quarter-on-quarter terms it maintains the preliminary +0.2% year-on-year. GDP for 2022 as a whole confirms +5.5% year-on-year as preliminarily announced.
Bankinter research team analysis:
Final data for 4Q2022 confirm positive year-end dynamics, as do the indicators for the first months of 2023 (Manufacturing and Services PMIs in the expansion zone). The medium-term outlook depends to a large extent on inflation being contained. Persistent inflationary pressures, which continue to be evident in the evolution of core inflation, will lead to a moderation of growth in 2023 vs. 5.5% year-on-year in 2022.