Overview

• Madrid generated 19.84% of Spain’s GDP in 2024, ahead of Catalonia’s 18.94%, according to INE regional accounts released on September 30.
• Madrid led GDP per capita at €44,755, 37.1% above the national average, while Melilla and Ceuta trailed the most, at 35.3% and 28.8% below the average.
• Murcia posted the fastest real growth at 4.5%, followed by Canary Islands at 4.4% and Balearic Islands at 4.2%; the national economy expanded 3.5%, with 15 regions above 3% and six above the average.
• Castilla-La Mancha ranked fourth in growth at 3.7% but recorded €26,588 GDP per capita, well below Spain’s €32,633 and near the lower end of the regional table.
• INE results broadly align with earlier BBVA Research signals placing Murcia at the forefront, while Murcia’s government highlights 2025 first-half fiscal gains including a 23.9% deficit reduction, 18.3% revenue growth and a slight decline in debt.