Andalucía, one of five Spanish regions with above-average economic growth

The report expects Valencia, Catalonia and Castilla-La Mancha to grow in line with the national average, which is estimated at 1.8%, while there will be below-average growth in Murcia and La Rioja (1.6%); Aragón (1.2%); Cantabria, Castilla y León and the Basque Country (1.1%); Asturias, Galicia and Navarra (0.8%).

Although the forecasts for the rise in GDP are more modest than in previous studies, they do not contain any indication of negative growth.

If the forecasts prove accurate, by the end of 2023 GDP in Extremadura, Castilla-La Mancha, Murcia, Andalucía, Valencia and Madrid will be back at 2019 levels, before the Covid-19 crisis.

The report shows that GDP in Spain will grow by 4.1% this year (which it also predicted three months ago), but it has revised levels of private consumption downwards and revised those of investment and exports of goods and tourism services upwards. Nevertheless, it also says growth in 2023 will be lower than that of this year because of a slow-down in demand from Europe.