2022 Edition 44 MONTHLY STATISTICAL BULLETIN In 2021, gross domestic product (GDP) amounted to €214.5 billion In 2021: • GDP amounted to €214.5 billion, which corresponds to a nominal growth of 7.0% compared to 2020 (year marked by the effects of the COVID-19 pandemic, in which it contracted by 6.5%), but also an increase from 2019, albeit slightly; All major components of expenditure increased in volume, notably Exports of Goods and Services and Final Consumption Expenditure of Families, which together accounted for 72% of GDP growth by volume; • The rate of investment in the economy, measured by the ratio between Gross Fixed Capital Formation (GFCF) and GDP, reached 20.3%, up 1.1 p.p. than in the previous year, as a result of increases of 13.2% and 7.0% in GFCF and nominal GDP, respectively; • Gross Added Value (GVA) increased by 6.3% in nominal terms and 4.9% in volume, partially offsetting the negative developments observed in 2020 (-5.8% and -7.8% in the same order); It is worth mentioning the branches Accommodation and food service and Transport and storage, which presented the highest growth rates of GVA by volume (+11.1% and +9.4%, respectively), still insufficient to recover from the strong declines recorded in 2020 (-43.1% and -27.6%); • Gross National Income (GNI) increased by 7.3% in 2021, after a 5.5% decrease in 2020; GNI growth was a consequence mainly of the increase of GDP in nominal terms, and to a lesser extent of the increase in subsidies received from abroad, and of the improvement of the balance of foreign ownership incomes to -2.2% of GDP in 2021 (-2.5% in 2020); • The economy’s Gross Disposable Income (GDI) increased by 7.9% (rate of change of -5.3% in 2020), which resulted in the growth of 16.1% of the economy’s gross savings (decrease of 9.9% in the previous year), despite the 6.1% increase in Final Consumption Expenditure; • Household Final Consumption Expenditure increased by 6.1%, which compares to a 6.5% decrease in 2020. The increase in consumption was higher than the increase in the GDI of Households, which resulted in a reduction of 14.9% in household savings and a savings rate of 9.8% (11.9% in the previous year); Investment rate by institutional sector (% of GDP) 0.00 5.00 10.00 15.00 20.00 25.00 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 % Corpora�ons Private General Government Investment rate
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