In the last quarter of the year, the Canary Islands led Spain’s Gross Domestic Product (GDP) growth with a rise of 4.2%, according to a report by the Independent Authority for Fiscal Responsibility (AIReF).
The Community of Madrid, Navarre, Castile-La Mancha, Andalusia, the Canary Islands, Murcia and Castile and Leon ended 2022 with quarter-on-quarter GDP growth higher than the national average, which stands at 0.2%.
Specifically, this organisation puts Madrid and Navarre with a quarter-on-quarter growth rate of 0.4%, while Castilla-La Mancha, Andalusia, the Canary Islands, Murcia and Castile and Leon were given an increase of 0.3%.
On a par with the national average, AIReF places Cantabria, Catalonia, the Basque Country (0.2%); and below that, Aragon, the Balearic Islands and La Rioja (0.1%); and Extremadura, Galicia, the Valencian Community and Asturias (0%).
To make these estimates AIReF uses a methodology that combines three types of statistical information: the monthly data on economic indicators broken down at regional level, the annual data compiled in national accounting terms by the Spanish Regional Accounts and the estimates for the country as a whole published by the Quarterly National Accounts.
YEAR-ON-YEAR RATES: THE CANARY ISLANDS ARE AT THE LEAD IN SPAIN
In year-on-year terms, the Canary Islands, Balearic Islands, Madrid, Murcia, Castile-La Mancha, Andalusia and Catalonia ended 2022 with year-on-year GDP growth rates higher than the national average, which stands at 2.7%.
Specifically, AIReF placed the Canary Islands with year-on-year growth of 4.2%, followed by the Balearic Islands (3.5%); Madrid and Murcia (3.2%); Castile-La Mancha (2.9%); and Andalusia and Catalonia (2.7%).
Below the national average, AIReF ranks Navarre (2.5%); Castile and Leon (2.4%); Valencia and the Basque Country (2.1%); La Rioja and Extremadura (2%); Galicia (1.9%); Aragon (1.8%); Cantabria (1.7%) and Asturias (1.3%).