The Canary Islands (+3.6%), Balearic Islands (+3%), and Catalonia (+2.8%) are projected to be the top three regions in terms of annual economic growth in Spain during the year 2024, as forecasted by the Independent Fiscal Responsibility Authority (AIReF). On the contrary, the Basque Country and Asturias will be the two regions with the lowest growth, both in annual and quarterly rates.
This information comes from the report presented by AIReF on the estimation of GDP for the first quarter of 2024, where the national average growth is 2.4% of GDP.
Specifically, they attribute the highest GDP growth to the Canary Islands followed by the Balearic Islands, with increases of 3.6% and 3%, respectively. Following these annual rates are Catalonia, with 2.8%; Navarre and Valencia, with 2.6%, and Extremadura, with 2.5%.
Achieving the national average of 2.4%, AIReF are Castilla y León, Madrid, and Castilla-La Mancha. Falling below this average are La Rioja, Andalusia, and Cantabria (2.2%); Aragon and Galicia (2.1%) and Murcia (2%).
In terms of quarterly variation rates, Navarre ranks as the region with the highest growth, at 1.1%, followed by the Canaries and Valencia, both with 1%. Above the national average, which stands at 0.7%, are Catalonia (0.9%) and La Rioja (0.8%).
These AIReF estimates are made once the INE (National Institute of Statistics) publishes the quarterly advance GDP data for Spain. However, the organisation reminds us that the forecasts are made in a context of high uncertainty in the territorial sphere.
