BBVA Research estimates Extremadura will grow by 2% this year and 2.7% in 2025.
This year, 2024, Extremadura’s economy will grow by 2 percent, below the national average, which projects growth at 2.9 percent.
Looking ahead to 2025, Extremadura’s GDP will grow by 2.7 percent, in this case three-tenths above the national average, which is expected to grow at 2.4 percent.
This is reflected in estimates published on Tuesday by BBVA Research, which show that the economies of the region of Murcia, the Balearic Islands, the Canary Islands and Castile and Leon will lead Spain in growth rates in 2024. gross domestic product (GDP) equal to or greater than 3.1%.
In particular, according to BBVA Research’s “Regional Observatory” estimates corresponding to the third quarter of 2024, the economy of the Murcia region will grow by 3.4% this year, while the GDP of the Balearic Islands, Canary Islands and Castile and Leon will grow by 3.4 %. will increase by 3.1%.
In total, eight regions will see growth above the national average (2.9%). In addition to the four already mentioned, the economies of Aragon, Catalonia, the Valencian Community and the Community of Madrid will also grow above average, by 3% in particular. In addition, Galicia’s GDP is expected to grow at the same rate as Spain as a whole (2.9%).
According to experts at BBVA Research, the foreign sector and, above all, the export of services, both tourist and non-tourist, will continue to support economic activity in 2024. This results in them being the communities with the highest weight in foreign tourism and exports. non-tourism services leading growth this year. This group includes the Balearic and Canary Islands (3.1%), as well as Catalonia, the Community of Madrid (3%) and the Valencian Community (3%).
In addition, sales of goods abroad support the progress of the economies of Castile and Leon (3.1%), Aragon (3%) and Galicia (2.9%). In turn, the growth in public sector employment complements the strong performance of Murcia’s export sector (3.4%) and allows it to top the regional GDP growth rankings this year.
On the opposite side are eight autonomous communities whose growth will not exceed the national average: Andalusia and La Rioja (2.7%); Castile-La Mancha (2.6%); Navarre (2.5%); Asturias (2.4%); Cantabria (2.3%), as well as Extremadura and the Basque Country (2% in both cases).