Tourism

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%.

In 2024, the Spanish economy presents a heterogeneous outlook, with different autonomous communities showing significant variations in their growth prospects. In this quarter's BBVA Research Regional Economic Outlook report we explore the most relevant economic trends and challenges for this year and next.

According to BBVA credit card data, the first months of the year have been characterized by a slowdown in the growth of tourist spending in Spain compared to the last months of 2023, weighed down by the decline in consumption by Spaniards and despite the rebound of foreign tourism.

Spain's positive growth differential with the EU is good news, but it can be exhausted and is not enough to reduce the gap between GDP per capita and productivity, which is the only engine capable of generating sustained growth.

The last months of the year have been characterized by an improvement in tourist spending in Spain compared to the summer, driven by the good behavior of consumption by both Spaniards and foreigners. This is what is inferred from BBVA credit card spending data.

Cantabria's economy will grow by 2.0% in 2023, and will accelerate to 2.5% in 2024. This will allow a return to the pre-pandemic GDP level this year.