Mediterranean and Canary regions, the highest growth in the last year

Economic recovery is taking place more strongly along the Mediterranean coast and the Canary Islands. Growth of gross domestic product (GDP) in the second quarter and took color Canary Islands, Valencia and the Balearic Islands, regions where more it grew by taking the annual rate, according to forecasts published on Monday the Independent Authority Responsibility Fiscal (trade show). If Spain's GDP rose by 3.1% in the second quarter, in these three regions flew growth to 3.8% of Canarias, Baleares 3.7% and 3.5% of Valencia. On the contrary, within communities as Extremadura and Castilla-La Mancha were the least grown from spring to spring, at 1.9%. Above average also they grew Catalonia, Navarra (both 3.4%) and Madrid (3.2%), while Galicia and Asturias growth equaled 3.1% of the national total. Ultimately, six communities grew above average eight below. As it may, up to ten autonomous communities are growing above 3%, which seems to confirm the good performance of the activity. Regional GDP forecasts of the Tax Authority performed once the INE has published its quarterly growth progress. The data paint a Spain at two speeds: one that is drawing more verve recovery hand tourism and construction; the bull side regions inside and Cantabria having less dynamic. Asturias, slipstream of its exports according to the regional observatory of BBVA Research, is the exception and in fact was one of the communities that grew between March and June. When analyzing the forecast quarterly rate, the communities that grew in the second quarter were Canarias, Valencia, Catalonia, Asturias and La Rioja, all with 1.1%, above the 0.9% average in Spain, Aragon followed by (1%). Which rose less were Castilla-La Mancha (0.6%), Extremadura, Castilla y Leon and Madrid (all three with 0.7%). "The strength of tourism, business services and construction determine that employment growth continues strongly biased towards the Mediterranean," noted BBVA Research in its regional observatory, which desgranaba in Baleares, Murcia, the Canary Islands, Andalusia and Valencia affiliation second quarter rose 1.5% from the previous year. Indeed, in the communities of Northern Spain employment growth between 0.75 and 0.3%, according to the research service of the entity. Nevertheless, Andalusia (with 25% unemployment) and Canarias (24.3%) are among the regions with the highest unemployment in Spain. Tourism slowdown Looking ahead, BBVA Research believes that the slowdown in consumption will hurt more regions of the Levant and south. A change that should join a lower contribution of tourism, it is now at record highs partly by geopolitical tensions in competing countries such as Egypt or Turkey, may affect more communities are getting faster of the crisis. In the eyes of the entity, in the case of exports, the favorable outlook for the eurozone can open the door to foreign sales continue to grow and this will benefit the most dynamic in this field regions, ie the regions North Spain, with Catalonia, Valencia and Madrid. Thus, the pull of the activity gains in intensity depending on the area. Spain in the second quarter grew 0.9%, its highest level since the first quarter of 2005 and a rate of one tenth to the rhythms coming marking in previous periods. This seems to confirm the muscle growth of the Spanish economy despite the government expects that the GDP will advance by 3% this year, most agencies point to higher records, so expected the government revised upwards its estimates in September, when presenting the Budget for 2018. the Tax Authority itself, in its GDP forecast model in real time, says that growth will continue making steady progress with 1% in the third quarter and 3.4% year, based on data already published.


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