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In 2024, prospects will improve, with service exporting communities benefiting most, while stagnant exports limit the progress of many industrial regions. In 2025, growth moderates and shifts to areas with less tourism weight.
Climate is a relevant factor in the choice of a tourist destination. Changes in climate conditions could alter the seasonal and geographical pattern of tourism in Spain, with the impact depending on the adaptation policies implemented.
In 2025, the Galician economy could report a 6.4% increase in GDP per capita when compared with 2019, the largest advance within Spain. This brings the autonomous region one step closer to converge with the country as a whole.
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 …
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 …
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 the drought, with tourist communities losing momentum.
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 demand: advantage for national tourism recipients.
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, an…
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…
Galicia's GDP increased by 4.1% in 2022. We expect an increase of 0.7% in 2023 and 3.4% in 2024, which will allow the creation of 17 thousand jobs in the biennium.
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 NGEU funds and reduced uncertainty will drive the recovery, faster in the north.
