03
Días
00
Horas
00
Minutos
00
Segundos

The Balearic and Canary Islands, the regions that will grow the most again in 2022, according to Funcas

Cantabria, Extremadura, Castilla y León, Aragón and Castilla-La Mancha are the territories that will register the least growth in 2022

MADRID, 23 (EUROPE PRESS)

The Balearic and Canary Islands are the regions that will grow the most again in 2022, with growth in their Gross Domestic Product (GDP) of 9.9% and 7.8%, respectively, due to the normalization of national and international tourism, according to the forecasts for the autonomous communities updated by Funcas.

However, they are the regions that are still farthest from pre-pandemic levels due to the severe punishment they suffered in 2020, where their GDP fell by 21.7% and 18.1%, respectively. Even so, they will grow well above the forecast for the national average, which stands at 4.2%.

In general terms, the analysis center has highlighted that all the autonomous communities will continue this year the recovery path that began last year, but will slow down their growth, except for the Canary Islands. In addition, no region will have recovered the pre-pandemic level of GDP, with Extremadura, Castilla-La Mancha and Galicia as the communities that will be closest to this recovery.

From Funcas they have pointed out that the impact of the rebound effect derived from the normalization after confinement and the elimination of restrictions is “less pronounced” than at the beginning of the recovery, but they have warned that there are “several effects that negatively affect activity economy”, such as the increase in production costs, inflation or the shortage of industrial supplies, among others.

In any case, the economy of the autonomous communities will continue to rise due to the recovery of tourist activity and consumer spending patterns and due to the impact of European funds, where the most benefited communities will be those with an economic structure more diversified, with more weight in the sectors, both industrial and services, with greater technological content and a high degree of qualification.

Likewise, it is expected that the excess savings accumulated in 2020 and 2021 will allow to cushion the negative impact of inflation on the purchasing power of households.

THE REGIONS WITH THE LOWEST GROWTH

On the other hand, Cantabria, Extremadura, Castilla y León, Aragón and Castilla-La Mancha are the territories that will register the lowest growth in 2022, with GDP increases of 3.3%, below the forecast for the national average (4. two%).

From Funcas they point out that, in general, the regions with little importance of foreign tourism, a weak industrial sector and a high weight of agriculture were those that suffered a smaller drop in GDP in 2020 and, therefore, those that are registering a smaller back rebound effect.