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April 2, 2015

GDP growth in the regions of Spain

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GDP growth in the regions of Spain

GDP growth in 2014 was recorded in all regions of the country, including six of them was more than 2%: La Rioja, Extremadura, the Canary Islands, Valencia, Murcia and Navarre. Madrid, Basque Country and Navarre are the regions with the highest per capita GDP. In addition, the Basque Country is the richest province in Spain, with the highest disposable income per capita.

Gross domestic product (GDP) increased in all regions of Spain in 2014 and in six of them – La Rioja, Extremadura, Canarias, Valencia, Murcia and Navarra – registered growth was above 2%. The National Statistics Institute (INE) has published the first assessment of regional accounts in Spain in 2014, which stated that the provinces of Madrid, the Basque Country and Navarre are the communities with the highest per capita GDP, while Extremadura, Andalusia and Melilla are located on the opposite side. La Rioja was the last year the autonomous region registered the highest growth in GDP, according to the INE, and the decline in GDP growth occurred in Galicia (0.5%), in the autonomous cities of Ceuta (0 , 6%) and Melilla (0.8%) and Asturias (0.8%).

After La Rioja continues Extremadura and the Canary Islands (an increase of 2.2% in both cases), Valencia (2.1%), Murcia and Navarre (2.0% in both cases), Baleares (1.9%) and Aragon (1.7%). Catalonia and Castile and Leon behaved as the national average, namely, the average increase was 1.4%, while Andalusia has increased by 1.3% and the Basque Country and Castilla-La Mancha by 1.2% each region. Cantabria and Madrid, by 1% each province.

According to the National Statistics Institute, the good performance of the economy in the province of La Rioja reacts to the behavior of its sectors of production and services. In the case of Galicia, low growth responds to the fall of the added value associated with the industry sector and energy and construction.

Madrid is the region with the highest per capita GDP, with 31,004 euros per person, followed by the Basque Country (29,683 euros) and Navarra (28,124 euros). Four provinces of Spain – Catalonia, La Rioja, Aragon and the Balearic Islands – have this indicator above the national average, which is equal to 22,780 euros. On the opposite side are Extremadura (15,752 euros per inhabitant), Andalucía (16,884 euros) and the autonomous city of Melilla (16,941 euros).

GDP per capita in Madrid, is in 36.1% higher than the national average, and in the Basque Country increased by 30.3% and 23.5% in Navarra.

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