Canary Islands Economy Among Spain’s Top Performers
The Canary Islands were the second fastest-growing autonomous community in Spain during 2024, with Gross Domestic Product (GDP) increasing by 4.4%. The data comes from the regional economic accounts for Spain, published on Tuesday by the National Statistics Institute (INE).
Madrid and Catalonia Lead National Economic Weight
The Community of Madrid and Catalonia remain the regional economies with the greatest weight within the national GDP for 2024, accounting for 19.8% and 19% of the total respectively. They are followed by Andalusia at 13.3%. Madrid’s GDP at current prices stood at €316.193 billion at the end of 2024, with Catalonia’s at €302.303 billion. Madrid’s share has remained stable in recent years, consistently above 19%, and has surpassed Catalonia’s uninterrupted since 2017.
Regional Growth Leaders and Laggards
Murcia, with a 4.4% increase in GDP volume, was the autonomous community that registered the highest growth in 2024, followed closely by the Canary Islands (4.4%) and the Balearic Islands (4.2%). The smallest increases were seen in Cantabria (2.5%) and the Basque Country (2.6%). Analysing growth from 2010 to 2024, Madrid leads with a 1.9% increase, followed by the Balearic Islands (1.8%) and Murcia (1.5%). Asturias (0.3%), Castilla y León, Castilla-La Mancha, and Extremadura (all 0.6%) saw the least growth over this longer period.
Disparities in GDP Per Capita and Wages
Regarding Gross Domestic Product per capita, Madrid recorded the highest figure in 2024 at €44,749 per inhabitant, followed by the Basque Country (€41,010) and Navarre (€39,096). In contrast, the regions with the lowest GDP per capita were the autonomous cities of Melilla (€21,118) and Ceuta (€23,070), followed by Andalusia (€24,542) and Extremadura (€25,224). The national average stood at €32,633 per inhabitant, with seven regions exceeding it.
In relative terms, Madrid’s GDP per capita was 37.1% above the national average. At the opposite end, Melilla’s was 35.3% below and Ceuta’s 29.3% below. The Community of Madrid also registered the highest average wage in 2024 at €46,850, followed by the Basque Country (€45,321) and Catalonia (€43,411). Extremadura (€33,695), Murcia (€34,573), and Andalusia (€35,505) had the lowest average remuneration.
Productivity Gains Across Most Regions
In terms of productivity, the regions with the highest growth in 2024 were Castilla-La Mancha (3.46%), the Balearic Islands (3.44%), and Murcia (2.84%). Only two regions saw their productivity fall: Navarre, by 0.72%; and the Basque Country, by 0.01%.
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