In 2022, the GDP attained 242.3 billion euros, which represented a nominal growth of 12.2%, the higher rate since 1992, after the increase of 7.7% in 2021 and the strong reduction (-6.5%) in 2020 due to the economic effects of the pandemic. The significant nominal GDP growth occurred in the context of price acceleration, with a rate of change of 5.0% in GDP deflator (1.9% in 2021). In volume the GDP growth was 6.8%. All the main components of expenditure increased significantly in 2022, mainly exports of services, that grew 40.8% in volume (nominal growth 56.9%) and a moderate investment growth (3.5%).
In 2022, Gross Value Added (GVA) increased by 12.1% in nominal terms and 6.5% in volume, after increases of 7.0% and 5.5%, respectively, in 2021. It should be highlighted the activities of Accommodation and Catering, Transport and Storage and Other Services that showed the highest growth rates in volume (50.0%, 20.4% and 13.0%, respectively).
Gross National Income (GNI) increased by 11.7% in 2022, after a growth of 8.4% in 2021. The household savings rate decreased to 6.5%, down by 4.1 p.p. from the rate of the previous year, reflecting the strong recovery in private consumption. The economy presented a net borrowing of 0.4% of GDP, which represents the balance deterioration in 1.0 p.p. compared to the previous year.