Spain’s GDP data for the first quarter of 2022 was released last Friday, growing at a 0.3% rate, (1.2% annualised) versus the expected 0.9% (3.6% annualised) In this brief note, we examine the drivers for this GDP change and whether they’re a cause for concern. Will our projection for Spanish GDP growth in 2022 change compared to 2021 on a full-year basis?