Spain | Cantabria Economic Outlook 2024

Summary

Cantabria will advance in the process of convergence in GDP per capita, and in 2025, the regional GDP could exceed the pre-crisis level by 7%.

Key points

• Key points:
• Cantabria's GDP increased by 1.8% in 2023, and it is forecast that it could grow by 2.3% in 2024 and 2.2% in 2025. This would allow for the creation of 13,100 new jobs in the region by the end of 2025.
• If these forecasts are met, Cantabria's GDP per capita would advance to 93% of the Spanish average in 2025, up 2 points from 91% in 2019.
• At the start of 2024, growth in Social Security enrollment shows significant advances, with somewhat stronger increases than the regional average in Santander and on the eastern coast. In addition, card spending advances more in transport services, accommodation and bars and restaurants, supported by the push from visitors from abroad.
• The aging population is a constraint to domestic demand growth and employment growth. Attracting talent and training the unemployed is key to compensate for the reduction in the working-age population and labor shortages. In addition, it is necessary to improve and diversify the export structure.

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