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Recent performance of the economic recovery
The outbreak of the pandemic had a significant impact on the Spanish economy, and with greater depth in
the Madrid economy: year-on-year contraction in Q22020 of 24%. The measures adopted to control the
pandemic allowed the fall in subsequent quarters to be more contained.
During 2021, the good pace of vaccination led to a recovery in economic activity, especially in the Q2 and
Q3, with year-on-year of 24.6% and 4.5%, respectively.
The year 2022 has started with a continuation of the process of progressive improvement, with a year-
on-year growth of 5.2% in Q1 and 5.4% in Q2, bringing the level of activity closer to that prior to the
start of the pandemic (4Q2019), which is now 1.2% below. At the national level, GDP registered a year-
on-year increase of 6.3% in 2Q2022, although it is still far from pre-pandemic levels (2.5% below).
GDP (%)
(Y on Y)
30,0
24,6
20,0
17,8
GDP (%)
QoQ
10,0
0,0
-2,74,3
-2,3-4,1
-10,0
-9,08,7
-8,8
-20,0
-30,0
-21,5
-24,0
25,0
20,2
20,0
16,8
15,0
10,0
4,5 3,5 3,1
5,5 5,26,3 5,46,3
4,5
5,0
0,0
-5,0
0,2
0,3 1,1 0,9
-1,2-0,5
2,6-3,02,2 0,80,2 0,61,1
-4,4-5,4
-10,0
-15,0
-20,0
17,7
-21,3
-25,0
12020
II 2020
III 2020
IV 2020 12021
II 2021
III 2021
IN 2021
12022
Il 2022
12022
II 2022
1 2020 II 2020 III 2020 M 2020 12021 II 2021 III 2021 IN 2021
Adjusted data of seasonlity and calendar effects
* End-closed forecast
Source: CRTR (IECM) y CNTR (INE)
■C. of Madrid
Spain
Adjusted data of seasonlity and calendar effects
* End-closed forecast
Source: CRTR (IECM) y CNTR (INE)
C. of Madrid
■Spain
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