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In 2024, the Spanish economy presents a heterogeneous outlook, with different autonomous communities showing significant variations in their growth prospects. In this quarter's BBVA Research Regional Economic Outlook report we explore the most relevant economic trends and challenges for this year and next.
In 2024, strength of employment and services exports, maintain dynamism in Madrid, the Mediterranean and the islands. In 2025, tourism will lose momentum. Higher European demand and the end of the drought will shift growth to regions with more industrial and agricultural relevance.
In 2024, the prospects will improve in all the Autonomous Communities, driven by employment, domestic consumption and, above all, service exports. In 2025, the push will come from the industrial communities and the recovery of the south after t…
Aragon's GDP will grow by 1.8% in 2024 and 2.4% in 2025. This will allow 25 thousand jobs to be created in the two-year period and reduce the unemployment rate to 7.6% in 2025.
GDP growth in 2024 is revised downwards for all peninsular regions. Greater corrections in the northern regions, but they will lead growth in 2024. In 2025, a general acceleration due to the improvement in domestic consumption and European dema…
Without significant changes in the regional growth hierarchy in 2023. In 2024, external demand weakens the progress of activity, with a greater impact on the more open regions.
Upward revision of the Spanish economy in 2023 to 2.4%, to be led by the Balearic Islands, Canary Islands and Madrid. But growth in 2024 is revised by 0.5 pp (to 2.1%), due to the slowdown in the tourism industry, the rise in interest rates, and the delay in the impact of the NGEU funds.
The GDP growth forecast for all the Autonomous Communities increases in 2023, with greater momentum in the industrial and tourist regions. But the forecast for 2024 is reduced: inflation moderates the increase in consumption in the Mediterranea…
Aragon's GDP will increase by 3.8% in 2022. We forecast an increase of 1.2% in 2023 and 3.5% in 2024, which will allow for the creation of 15,600 new jobs between 2022 and 2024.
The economy is more resilient than expected in 2022. In the first half of the year, due to domestic demand and tourism, and in the fourth quarter, due to exports and employment. In 2023 and 2024, external demand will contribute negatively, but …
Aragon's GDP is expected to grow by 3,3% in 2022, although the current economic slowdown will continue in the coming quarters. Regional GDP is expected to grow by 0,6% in 2023, due to the fall in European demand, higher energy and transport prices, and higher financing costs.
Spain's GDP grew more than anticipated in the first half of 2022. The 2022 revision implies more dynamism in tourism and less in exports of goods and investment in capital goods. The islands remain the main drivers of growth.
