5.2 SPAIN

In Spain, the signs of destabilization, which were growing at the beginning of 2022, moderated over the course of several months. After reaching highs of up to 10.8% in July, the Spanish inflation rate was contained at the end of the year, falling to 5.7%, largely due to lower prices of energy such as electricity and fossil fuels. The growing gross domestic product (GDP) seen in the first and second quarters of 2022 slowed down in the second half of the year, ending at 5.5%.