25 Mar, 2023 @ 18:30
1 min read

Balearic islands set to be region with highest economic growth in Spain this year

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The Balearic Islands will be the region with the highest economic growth in Spain this year, according to new research. 

National bank BBVA made estimates of the GDP growth for all the autonomous communities in 2023 and according to its projections the Balearic Islands will be the region with the highest growth, reaching 3.3%.

This is higher than the national average of 2.9%.

This was followed by the Canary Islands with 2.8% and the Community of Madrid (2%).

The forecast growth can be attributed to the tourism industry and the popular demand travellers have shown towards the Balearic Islands after the pandemic, BBVA said. 

According to the data, the regions with the poorest growth this year will be Asturias and Murcia with 1% and Galicia with 1.1%.

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