BBVA Research estimates that in the next two years Madrid will maintain greater dynamism than Catalonia in terms of GDP growth (gross domestic product). In the period 2018-2024, the forecast is that in only one year (2021) the Catalan community behaved better than Madrid, although GDP had fallen more sharply in the previous year as a result of the coronavirus pandemic. covid.
Although the differences are tenths, the truth is that GDP will increase more in Madrid than in Catalonia in 2022 and in 2023 and 2024, according to estimates by the bank’s research service. For this year, the forecast is that Catalonia will grow by 4.7% compared to 5.1% in Madrid. For 2023 the estimate is 1.3% versus 1.7% and for 2024 from 3.6% to 3.8% for Catalonia and Madrid respectively.
If the bank’s forecasts are confirmed, for more than five years Madrid will have remained the leader in GDP in all of Spain. The sorpasso from Madrid to Catalonia occurred in 2017 after decades of domination by the Catalan community.
In a report published today, BBVA Research estimates that the most industrial communities will drive GDP growth in Spain in 2023 and 2024. The bank adds that “the growth forecast for Spanish GDP for 2022 up to 4.6% driven mainly by a more dynamic behavior of consumption, in communities such as Madrid, Catalonia, Castilla-La Mancha and Murcia, as well as investment and exports of goods in some autonomous communities in the north of Spain, such as Navarra, Castilla y León and Galicia” .
