The Spanish economy closed 2023 with remarkable momentum, registering a financing capacity of 16.131 billion euros in the fourth quarter, according to data published today by the National Institute of Statistics (INE). This figure represents 4.2% of the GDP for the period, which is a significant improvement compared to the same quarter of the previous year.

Gross National Income on the Rise

Gross national income reached 384.435 billion euros in the fourth quarter, while gross national disposable income stood at 381.291 billion. For the whole of 2023, national income amounted to 1.452.661 billion, 7.4% higher than in 2022, reflecting solid growth in the Spanish economy.

Increase in the 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 a 2024 with favorable prospects. The financing capacity, the growth of national income and the increase in household savings are indicators that augur a hopeful future for the country.

For more information, you can consult the INE press release and the Institute’s database.