Economía de Galicia: Balance 2023

In 2023, like most of the economies in its environment, the Galician economy experienced a significant slowdown in its growth rate. Thus, Galician GDP grew by 1.8%, seven-tenths less than in Spain, this growth being not only higher than the European average and the Eurozone but also higher than countries such as France and Italy. The aggregate GDP growth in 2023 was based on the positive contribution of external demand, which contributes one point compared to eight-tenths in the case of internal demand, with Spain presenting a greater contribution from internal demand (1.7 points). Among the different components, the marked slowdown in household consumption stands out, with a growth of 0.5% (4.5% in the previous year), and the contraction of 0.7% in investment, contrary to what happened in the previous two years.