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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 Mediterranean regions, and the improvement in Europe will not be enough to compensate for it.
The GDP of the Canary Islands will increase by 10.7% in 2022. We forecast an increase of 2.8% in 2023 and 3.3% in 2024, which will enable the creation of 69,000 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 …
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.
Spain's GDP will grow by 4.1% in 2022 (in line with what was forecast three months ago), but private consumption is revised downwards and investment and exports, both goods and tourism services, are revised upwards. On the other hand, growth for 2023 will be lower due to the slower progress in European demand.
GDP growth in Spain is revised downwards in both 2022 and 2023 due to the impact that the invasion of Ukraine, the sanctions imposed on the Russian economy and the increase in prices, especially fuel prices, will have.
The Canary Islands' GDP could grow by 9.6% in 2022 and 5.7% in 2023. The control of the pandemic, the use of savings saved by Canarian families, the boost in the execution of European funds (NGEU) and unused productive capacity will favour reco…
The control of the pandemic, the return of foreign tourism, the arrival of European funds and the progressive elimination of bottlenecks to production mark the regional scenario. Tourist communities will grow more, but those in the north will a…
Consumption remains dynamic, driving domestic tourism, allowing GDP to grow above average in 2021 in regions where coastal tourism is important. On the other hand, a lower than anticipated increase in investment and exports will affect activity…
The improvement in health indicators and the relaxation of restrictions have reduced uncertainty and allowed a recovery in private spending and national tourism. The foregoing translates into generalized upward revisions in all regions in 2021, although with a different magnitude.
The digitization of the economy is an essential ingredient for sustainable growth and social welfare. A good digital transformation plan requires a diagnosis of the starting point. The Digitalization Index (DiGiX) is a tool that allows such a diagnosis for the Spanish regions.
