Spain | Regional GDP growth: 1st estimate of the 2022 Regional Accounts

The INE has today published the estimate of 2022 GDP growth by autonomous communities in Spain. The results show that the growth hierarchy was in line with what was pointed out by BBVA Research, which predicted greater strength in island and tourist communities, and less in industrial ones.

Key points

• Key points:
• The results published by the INE suggest that, in general terms, in 2022 the good performance of private services and, in particular, commerce, hospitality and artistic activities gave a greater boost to the Autonomous Communities with greater dependence on tourism and social movements. of people.
• Above all, the greatest growth in the islands (Balearic Islands: 12.5% ​​and Canary Islands: 9.7%), Madrid (7.2%), Catalonia (6.0%) and the Valencian Community (5.9%) stood out. %), in addition to the Basque Country (6.0%).
• On the other hand, the lower relevance of the services that supported growth and the sharp decline in agriculture limited the scope of the recovery in Extremadura (2.1%), Castilla-La Mancha (2.2%), Castilla y León (3.1%) and Aragon (3.8%).
• From a supply point of view, the main reason for the increase in GDP in 2022 was the favorable contribution of commerce, transport and hospitality, which contributed 3.2 pp. This boosted, to a greater extent, the Balearic Islands, the Canary Islands, Madrid, Andalusia, the Valencian Community and Galicia.
• Agriculture subtracted five tenths from national growth and hindered the progress of the central-southern regions, Aragón and La Rioja.

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