Madrid, December 16 – The Community of Madrid has once again affirmed its economic dominance in Spain, registering the highest contribution to the national Gross Domestic Product (GDP) in 2024. According to data released today by the National Institute of Statistics (INE), Madrid accounted for 19.8% of the total national GDP, placing it ahead of Catalonia, which contributed 19%.
Madrid’s Sustained Economic Leadership
The latest regional accounting figures for Spain indicate that Madrid’s GDP at current prices reached 316,193 million euros by the end of 2024. In comparison, Catalonia’s GDP stood at 302,303 million euros. This consistent lead for Madrid has been observed since 2017, when it first surpassed Catalonia by a narrow margin of one-tenth of a percentage point. The gap widened in 2020, with Madrid at 19.6% and Catalonia at 19%, and further in 2023, reaching almost a full percentage point difference (19.8% for Madrid and 18.9% for Catalonia).
Regional Growth and Per Capita GDP
While Madrid maintains its overall economic weight, Murcia and the Canary Islands led in terms of GDP volume growth in 2024, both with an increase of 4.4%. They were followed by the Balearic Islands at 4.2%. The lowest growth rates were recorded in Cantabria (2.5%) and the Basque Country (2.6%).
However, when looking at long-term economic expansion, Madrid stands out with the highest economic growth between 2010 and 2024, achieving a 1.9% increase. The Balearic Islands (1.8%) and Murcia (1.5%) followed. Regions with the slowest growth during this period included Asturias (0.3%), Castilla y León, Castilla La Mancha, and Extremadura (all at 0.6%).
In terms of GDP per capita, Madrid also led the nation in 2024 with 44,749 euros per inhabitant. The Basque Country followed with 41,010 euros, and Navarra with 39,096 euros. The national average for GDP per capita was 32,633 euros. Seven regions exceeded this national average: Madrid, Basque Country, Navarra, Catalonia, Aragon, Balearic Islands, and La Rioja.
Conversely, the autonomous cities of Melilla (21,118 euros) and Ceuta (23,070 euros) had the lowest GDP per capita, followed by Andalusia (24,542 euros) and Extremadura (25,224 euros).
Madrid’s GDP per capita was 37.1% higher than the national average in 2024, while the Basque Country’s was 25.7% higher, and Navarra’s 19.8% higher. At the other end of the spectrum, Melilla and Ceuta’s GDP per capita were 35.3% and 29.3% below the national average, respectively. Andalusia and Extremadura were 24.8% and 22.7% below the national average.
Highest Average Remuneration and Productivity Trends
The Community of Madrid also recorded the highest average remuneration in 2024, with 46,850 euros. The Basque Country and Catalonia followed with 45,321 euros and 43,411 euros, respectively. Extremadura (33,695 euros), Murcia (34,573 euros), and Andalusia (35,505 euros) had the lowest average remunerations.
Regarding productivity, Castilla-La Mancha (3.46%), the Balearic Islands (3.44%), and Murcia (2.84%) showed the highest growth in 2024. In contrast, Navarra experienced a 0.72% decrease in productivity, and the Basque Country a marginal fall of 0.01%.
