Wealthiest areas of Spain

Navarra has the highest income per family

According to an article in El Pais, Madrid once again topped the 2006 table in the annual Fundación de las Cajas de Ahorros (Funcas) study which looks at economic growth within all the Spanish regions. According to their most recent survey Spanish GDP grew by 4.2% (3 tenths above that predicted by the National Institute for Statistics). The Comunidad de Madrid’s economy grew the most by 4.5%. However, Navarra came top of the table for disposable income per household (14,967 euros) compared to Madrid (14,852 euros) and the Basque Country (14,538 euros).

Madrid, the Pais Vasco and Navarra, are also the regoins with the highest GDP. Cataluña comes fourth in the table while Andalucía and Extremadura remain at the bottom of the list in terms of disposable income and GDP.

The study was carried out by Julio Alcaide, a leading economist.

He indicated that the construction industry in Spain was the most dynamic making up 5.4% of the country’s economy. He also says that the economy in 7 regions saw above average growth in 2006. These regions were Murcia (4.4%), Andalucía (4.4%), Extremadura (4.3%), Castilla-La Mancha (4.3%), País Vasco (4,3%) and the Comunidad Valenciana (4.2%) as well as Madrid whose economy also experienced above average growth.

The Funcas study also looked at the evolution of regional economies throughout Spain over the last 7 years and according to the results Murcia saw the highest growth in GDP per inhabitant at 4.14%. With the average growth in GDP per inhabitant at 3.2% in Spain other regions which experienced above average growth were Andalucía (3.6% ), Madrid (3.5%), Cantabria (3.5%) and the Comunidad Valenciana (3.3%).

The Spanish economy performed well in comparison with the rest of Europe.

Average Spanish income reached 94% of the average GDP per inhabitant in the Euro zone and 100% of the average for the European Union’s 27 members.

Funcas also pointed out that GDP per inhabitant in the region with the weakest economy, Extremadura, grew from 48% of Madrid’s average in 2000 to 53% in 2006.