Spain | 2024 Regional GDP

Summary

The INE's updated regional GDP estimates for 2024 do not introduce significant changes to the growth hierarchy, which, as noted in September, was led by Murcia and the island regions.

Key points

• Key points:
• The ranking of GDP growth in 2024 remains very similar between the figures published by the INE (National Statistics Institute) in September and December, with changes ranging from a slight increase to a slight decrease of three-tenths of a percentage point.
• It is confirmed that the growth in economic activity in 2024 was led by Murcia and the island regions. Murcia, in particular, benefited from the strong performance of industry, especially manufacturing, which accounted for more than a quarter of the total increase. Meanwhile, trade, transport, and hospitality were key drivers of the islands' positive performance, contributing approximately half of the overall growth.
• From a supply-side perspective, across Spain as a whole, the main driver of GDP growth in 2024 was the positive contribution of trade, transport, hospitality, and other private services. At the regional level, this boosted the Balearic Islands, the Canary Islands, Cantabria, the Valencian Community, Catalonia, Madrid, and Andalusia to a greater extent.
• The data published today also updates regional GDP growth for 2022 and 2023. The revision is marginal for 2022, while the changes for 2023 are significant in some regions.
• Compared to 2019 levels, the data indicates that, by the end of 2024, Madrid, the Balearic Islands, and the Canary Islands had led the GDP recovery following the pandemic, while Extremadura, Asturias, and Castile and León lagged behind. With regard to GDP per capita in real terms, the regions showing the best evolution since 2019 are Galicia, the Basque Country and Asturias.

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