Newsbrief: Canarias registered the 2nd highest annual economic growth in Spain

The Canary Islands ended the first quarter of the year with a year-on-year growth in gross domestic product (GDP) of 3.7%, the second highest in the country, after the Balearic Islands (4.2 %).

The Independent Authority of Fiscal Responsibility (AIReF) published this week estimated growth within the different autonomous communities after completing the first quarter.

They estimate that the Spanish economy grew by 3% year-on-year, with the Balearic Islands (+4.2%), the Canaries (+3.7%), Madrid (+3.6%) and the regions of Valencia and Navarre (both +3.3%) leading the charge as more dynamic communities in Spain.

The lowest growth rates correspond to Extremadura (+2.1%), Asturias (+2.3%) and Aragon, Cantabria, Castilla-La Mancha and La Rioja (all with +2.4%).