The Gross Domestic Product (GDP) of the Canary Islands grew by 11% in the first three months of 2022 compared to the previous year, being the autonomous community where it increased the most.
Likewise, the archipelago has managed to exceed, by more than 4 points, the average increase that occurred in Spain as a whole, estimated at 6.4%, according to the Independent Authority for Fiscal Responsibility (AIReF) this Tuesday.
The AIReF has published the estimate of the GDP of the autonomous communities for the first quarter using its METCAP methodology, once the National Institute of Statistics (INE) announced on April 29 the advance data of the GDP for the same period in the country as a whole.
Their figures reveal that, in year-on-year terms, the Canary Islands is the autonomous community with the highest GDP growth, in contrast to the most unfavorable evolution observed in Murcia, with a growth of 3.2%.
In addition, they state that Navarra and Castilla-La Mancha registered GDP decreases of 0.2% from January to March compared to the last quarter of 2021, compared to the Balearic Islands and the Valencian Community, which stood out for their expansion with increases of 1.2% and 0.7%, respectively.
For its part, the Canary Islands experienced a growth of 0.5% in relation to the previous three months, details the Independent Authority for Fiscal Responsibility.
The quantitative methodology used combines three types of statistical information available for regional analysis: the monthly data of economic indicators disaggregated at the territorial level, the annual data compiled in national accounting terms by the Regional Accounting of Spain (CRE) and, finally, the estimates for the national total published by the Quarterly National Accounts (CNTR).
In this way, the AIReF points out, the speed and timeliness of the economic indicators, the structural information provided by the CRE and the quarterly national reference that ensures the consistency of the individual regional estimates are combined.
As the INE itself has been warning, since the outbreak of the coronavirus, the estimates of the Quarterly National Accounts are registering revisions of greater magnitude than usual, which means that the METCAP estimates are also subject to greater uncertainty.
