The Community of Madrid continues to lead the Spanish economy and closed 2019 consolidating its 2018 leadership, according to the National Statistics Institute (INE) in a first estimate. The Madrid economy recorded an annual GDP growth in terms of volume of 2.5%, almost one point more than in Catalonia, which records an annual growth rate of 1.8%.
Antonio Argandoña, professor emeritus at IESE: “There are eight communities that are growing faster than us; this is not normal”
The trend in 2019 remains the same as in 2018, when the Community of Madrid already surpassed Catalonia. Specifically, the economy of Madrid closed the year having generated 239,878 million euros, ie 19.3% of the GDP of the State, while the Catalan stood at 236,739 million, which means a 19%.
‘Overtaking’ the GDP of Madrid to that of Catalonia
In turn, the regions that have obtained lower growth records have been the autonomous cities of Ceuta (1.0%) and Melilla (1.2%), as well as the Community of Castilla y León (1.1%). ). However, of the 19 territories of the State, 12 have registered a GDP growth in terms of volume in 2019 higher than that of the European Union, which was 1.5%. In fact, the annual GDP growth rate in Spain in 2019 stands at 2%.
This first estimate of regional accounting in Spain also includes GDP per capita. In this sense, and as has been the case for years, the Community of Madrid has the highest GDP per capita, with 35,876 euros, which means 35.7% more than the Spanish average, which is 26,438 euros. In Catalonia, GDP per capita stands at 31,110 euros, and is in fourth place after Madrid, the Basque Country and Navarre. This is a dynamic that has been dragging on since the 1990s.
The real ‘overtaking’ of Madrid in Catalonia happened decades ago
By contrast, the territory with the lowest GDP per capita has been the autonomous city of Melilla, with 19,073 euros.