Spain | Regional GDP growth: 1st estimate of the 2021 Regional Accounts

The INE has today published the first estimate of GDP growth for 2021 by Autonomous Community in Spain. As BBVA Research pointed out, the greatest dynamism was seen in the island and tourist regions. The Canary Islands, Navarre and the Basque Country surprised on the upside, while Castile and Leon surprised on the downside.

Key points

• Key points:
• The results published by the INE suggest that, in general terms, in 2021 the recovery in services had a greater impact on the Autonomous Regions most dependent on tourism and the movement of people.
• Particularly noteworthy was the higher growth in the islands (Balearic Islands: 10.7% and Canary Islands: 7.0%), Navarre (5.9%), Catalonia (5.8%) and Cantabria and the Valencian Community (5.6%).
• The lesser relevance of commerce and hotels and restaurants limited the extent of the recovery in Castilla y León (34.3%), Aragón (4.4%) La Rioja (4.5%) and Extremadura (4.6%).
• On the supply side, the main contributor to the increase in GDP in 2021 was the very strong favourable contribution of trade, transport and hotels and restaurants, which contributed 3.1 pp. This boosted, to a greater extent, the Balearic Islands, the Canary Islands, Madrid, Andalusia, Valencia and Catalonia.
• Industry contributed 1.5pp to the increase in national GDP. As expected, the contribution is most notable in the Basque Country and Navarre, Cantabria and Asturias.

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