Spain | Cantabria Economic Outlook 2026

Cantabria’s economy is expected to maintain solid growth in 2026–2027, supported by employment, consumption, a recovery in exports, and expansionary fiscal policy. Global economic conditions will continue to weigh on industry and investment, while challenges related to productivity, housing, and labour supply persist.

Key points

• Key points:
• Cantabria’s GDP is expected to grow by 2.1% in 2026 and 2.2% in 2027, above the euro area and, in 2027, also above Spain as a whole. Employment is expected to continue growing, while the unemployment rate could fall to 6.7%.
• Social Security registrations continues to grow at a solid pace, albeit more moderately than in 2025, driven mainly by public services, retail, and hospitality. Immigration will continue to contribute to population and employment growth.
• Goods exports are growing again, supported by the automotive and food sectors, while spending by foreign tourists is accelerating and overnight stays are recovering. Private consumption continues to be supported by improvements in household income and wealth.
• Residential investment is gaining momentum and industrial production has returned to positive growth, although weaknesses persist in capital and intermediate goods. By contrast, indicators of productive investment continue to show weak momentum.
• The main risks stem from higher energy and other input costs, supply-chain tensions, higher inflation, and tighter financial conditions. Over the medium term, productivity, housing availability, and labour supply constraints will be key to sustaining growth.

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