Spain | Cantabria Economic Outlook 2025

Summary

Cantabria's GDP is projected to have grown by 2.9% in 2024, and is expected to increase by 2.0% in 2025 and 1.6% in 2026. Going forward, the economy's development will be marked by high uncertainty regarding economic and tariff policies and the slow recovery in Europe.

Key points

• Key points:
• Cantabria's GDP shows solid growth, ahead of the rest of the eurozone. Employment is increasing in the Santander region, supported by growth in public services and professional activities, although in the rest of Cantabria, the industrial sector is holding back employment growth.
• Among the factors that will support growth are the fall in oil and gas prices; the more expansionary tone of economic policy in Europe; and a greater capacity for growth in the services sector (due to immigration and increases in hourly productivity).
• Rising tariffs and uncertainty will affect trade flows and investment.
• Bottlenecks are perceived, such as the lack of responsiveness of private investment to the recovery, the high level of household savings, and low population growth.
• By the end of 2026, GDP per capita could be 7.2 percentage points above 2019 levels (Spain's 4.5 percentage points). If these forecasts come to fruition, the unemployment rate could fall to an average of 7.5% in 2026, and 5,500 new jobs could be created in the two-year period 2025-2026.

Geographies

Topics

Tags