The scars of the crisis: eight autonomies have not yet recovered the 2008 GDP level | Economy

The scars of the crisis: eight autonomies have not yet recovered the 2008 GDP level | Economy

Catalonia was, at the end of 2017, the autonomous community with the highest GDP in Spain, with 223,988 million euros. Repeat at the head of Spain, even in 2017, the year in which the crisis by the illegal independence referendum he endangered that position in front of Madrid. According to the regional accounting data published this Friday by the INE, the sorpasso and Madrid had at the end of the year a wealth of 220,025 million euros.

If the photo is enlarged to analyze the effect of the crisis, in the period 2008-2017 the figures say that both Madrid and Catalonia are richer than before the recession erupted. Taking into account the chained GDP indexes, the Catalan economy is 2.7% higher than in 2008 and Madrid's, 7% larger. In Spain, GDP is now 1.7% higher than in 2008. However, not all communities have suffered the same fate: eight have not yet recovered the levels prior to the Great Recession and its collisions.

The communities with the most scars

The autonomy that follows most stuck in the crisis is Asturias. Its GDP of 22,909 million euros is now 6.4% lower than in 2008 in real terms. The Asturian economy, which accounts for about 2% of the whole of Spain, suffered a powerful blow with the crisis, and bottomed out in the years 2013 and 2014, when its wealth came to suffer a cut of 14% compared to 2008. In the The last two years have regained some ground, but still lagging behind.

After Asturias appears La Rioja. This community has a GDP of 8,182 million euros. It is in economic terms the smallest region of Spain, only above the cities of Ceuta and Melilla. But, in addition, his recovery is also the slowest. By chained volumes, is 5% below its wealth of 2008. Even in 2017, in full recovery and with GDP growing at 3% on average in Spain, this community was the least advanced, with 1.5% . Cantabria (-3.6%), Comunidad Valenciana (-2.3%), Castilla y León (-2.2%), Castilla-La Mancha (-1.9%), Extremadura (-1.2%) and Andalusia (-0.8%) also remain below the level of 2008.

On the opposite side is Madrid, which has advanced by 7% compared to 2008. It is still the second region with the highest GDP and by 2015 it had already recovered pre-crisis levels. Murcia has also reached the era before the disaster, and even exceeds the GDP of 2008 by 5.4%. A level similar to that of the Balearic Islands, which has grown by 5.1% in nine years. They close the club of the communities that have grown above 1.7% of the national average País Vasco (3.5%), Navarra (3%) and Catalonia (2.7%). Below are Canarias, with 1.4%, and Galicia, with 1%.

Aragón has remained in tables: at the end of 2007 it had exactly the same level of wealth as in the year taken as a base, 2008. The two autonomous cities are on the side of the advantaged students, with a rise of 4.4% in nine years Ceuta, and Melina 5.9%, although in your case, if you look at GDP per capita, they have regressed.

Madrid and the Basque Country, at the head of GDP per capita

When the analysis of GDP per capita does, the photo of the richest and poorest communities changes. The ranking here he led in 2017 Madrid, with 33,824 euros. In 35% more than the Spanish average, which was 25,064 euros last year. It is followed by the Basque Country, with 32,969 euros. And Catalonia, with 30,064 euros. In the lowest part of the table Extremadura is placed: there the wealth per inhabitant is 17,554 euros, 70% of the national average.

If you look at the evolution during the years of the crisis, the region that has increased its income the most per capita since 2008 it is Catalonia (6.1% in the nine years), followed by País Vasco and Galicia (5.5% both), Madrid (5.2%) and Castilla y León (4.6%). Among the areas most affected by the crisis in terms of per capita wealth, Melilla stands out (GDP drops by 7.9%) per capita), Ceuta (loses 5.8%) and Canarias, with a reduction of 2.9%.


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