Cantabria
According to CaixaBank Research estimates, Cantabria’s GDP grew by 2.6% in 2025, slightly less than the Spanish economy as a whole (2.8%). Poor-performing industry and exports – given the greater relative importance of traditional sectors and the sluggishness of its trading partners – stand in stark contrast to buoyant consumption, tourism and construction.
Regional economic structure and position
- In terms of GDP, Cantabria is the region with the second lowest GDP in the country, with 17.7 billion euros, 1.1% of the national total.
- With just over 597,000 inhabitants (1.2% of Spain’s total population), it also ranks second to last in demographic terms. It is one of the oldest regions (25.0% of people are over 65 years old vs. 21.1% on average) and has one of the smallest foreign populations (8.4% vs. 14.4%).
- Its GDP per capita stands at 29,893 euros, 8.4% below the Spanish average. It has dropped slightly further below the average in recent years, due to poor economic growth and a population that is barely growing.
- In its productive sectors, it is notable for the relative importance of construction (6.5% of GDP vs. 5.7% on average across Spain) and, in particular, the manufacturing industry (17.4% vs. 11.9%), especially metallurgy, chemicals, agri-food and the motor vehicle industry and its components. However, industry-related services account for a far smaller percentage (25.9% vs. 30.2%), as does agriculture (1.8% vs. 3.0%).
- This region is not highly export-oriented: exports of goods account for 19.5% of regional GDP, almost 5 points below the national average. In 2025, Cantabria exported goods worth 3.265 billion euros, representing 0.8% of Spanish exports. The main products exported are motor vehicles (15.5% of the total), iron and steel (15.2%) and chemical products (13.3%).
Table of structural indicators
| 1994 | 2004 | 2014 | 2024 | ||
|---|---|---|---|---|---|
| GDP per capita | Euros | 9,618 | 18,744 | 20,747 | 29,893 |
| 100 = Spain | 90.2 | 93.4 | 92.7 | 91.6 | |
| Population | Thousands of inhabitants | 531 | 555 | 585 | 594 |
| Average annual growth in the decade (%) | 0.1 | 0.4 | 0.5 | 0.1 | |
| % of the total in Spain | 1.3 | 1.3 | 1.3 | 1.2 | |
| % of population > 65 years old | 16.8 | 18.7 | 20.3 | 24.5 | |
| Exports of goods as a proportion of GDP | % | … | 16.0 | 20.9 | 19.5 |
Macroeconomic situation
According to CaixaBank Research estimates, Cantabria’s GDP grew by 2.6% in 2025, slightly less than the Spanish economy as a whole (2.8%). Poor-performing industry and exports – given the greater relative importance of traditional sectors and the sluggishness of its trading partners – stand in stark contrast to buoyant consumption, tourism and construction.
Cantabria will grow by 2.0% in 2026, slightly below the national average (2.1%). This slow growth rate stems from a lack of investment and momentum in key sectors, alongside an industrial sector that has lost its dynamism and competitiveness compared to other regions. Nevertheless, the strong performance of tourism and private consumption, combined with the resilience of the labour market and the boost provided by EU funds, will offset the weakness in the industrial sector.
The job market in Cantabria is slightly less buoyant than it is across the country as a whole. After growing by 2.0% in 2025 vs. 2.4% in Spain, the rise in the number of registered workers affiliated to Social Security is slowing in 2026, increasing by 1.3% year-on-year in April (vs. 2.4%). In any event, this region has the lowest unemployment rate in the country, standing at 7.5% in Q1 2026, 3.3 points below the average.
Consumption is performing very strongly. After increasing by 5.0% in 2025 (vs. 4.0% on average), the volume of sales of retail and consumer goods rose by 2.7% year-on-year in January-March (vs. 3.3%). This makes Cantabria one of the regions that have furthest surpassed pre-pandemic levels (12.8% vs. 9.2% in Spain). Similarly, passenger car registrations are continuing to trend upwards, with growth rates well above the national average: 21.2% in 2025 (vs. 12.9%) and 16.6% year-on-year in January-April this year (2026 vs. 7.8%).
Cantabria’s industrial production is suffering a prolonged downturn and has been in continuous decline since 2022. After the downturn slowed in 2025 (–0.7% vs. +1.3% in Spain), the contraction is deepening again in 2026, with production falling by 2.9% year-on-year up to March (–0.7% for the country as a whole), driven primarily by the capital goods sector, in sharp contrast to better-performing consumer goods.
The region’s weak figures for goods exports in 2025, with a 5.3% decline (vs. 0.7% in Spain), were primarily due to a sharp drop in sales of semi-finished goods – particularly chemicals – and, above all, capital goods – electrical appliances – which was partially offset by strong sales in the food and motor vehicle industries. The early months of 2026 suggest a positive turnaround, with year-on-year growth of 4.4% in Q1, well above the national average (0.7%).
Table of indicators
| 2014-2019 average | 2020 | 2021-2022 average | 2023 | 2024 | 2025 | 2026 | Latest figure | ||
|---|---|---|---|---|---|---|---|---|---|
| Activity and prices | Real GDP* | 2.3 | –9.9 | 5.9 | 1.9 | 2.5 | 2.6 | 2025 | |
| (% year-on-year change) | 2.8 | –10.9 | 6.5 | 2.5 | 3.5 | 2.8 | |||
| Retail trade |
1.4 | –3.9 | 2.7 | 2.2 | 2.9 | 5.0 | 2.7 | Mar.-26 | |
| (% cumulative annual change) | 2.3 | –5.2 | 2.2 | 2.9 | 2.1 | 4.0 | 3.3 | ||
| Industrial production index | 2.1 | –9.3 | 4.9 | –3.5 | –3.9 | –0.7 | –2.9 | Mar.-26 | |
| (% cumulative annual change) | 1.8 | –9.2 | 4.7 | –1.6 | 0.7 | 1.3 | –0.7 | ||
| Service activity index | 6.0 | –11.3 | 16.3 | 6.8 | 5.3 | 4.3 | 5.4 | Mar.-26 | |
| (% cumulative annual change) | 5.1 | –15.6 | 20.1 | 2.2 | 3.0 | 4.8 | 4.1 | ||
| Consumer price index | 0.6 | –0.3 | 5.8 | 3.8 | 2.6 | 2.5 | 3.3 | Apr.-26 | |
| (% year-on-year change) | 0.7 | –0.3 | 5.7 | 3.5 | 2.8 | 2.7 | 3.2 | ||
| Labour market | Registered workers affiliated to Social Security | 2.2 | –1.7 | 2.2 | 1.4 | 1.6 | 2.0 | 1.3 | Apr.-26 |
| (% year-on-year change) | 3.2 | –2.1 | 3.2 | 2.7 | 2.4 | 2.3 | 2.4 | ||
| Non-furloughed registered workers affiliated to Social Security |
2.2 | –7.3 | 5.5 | 2.1 | 2.1 | 2.5 | 1.6 | Apr.-26 | |
| (% year-on-year change) | 3.2 | –9.2 | 7.3 | 3.4 | 2.7 | 2.5 | 2.6 | ||
| Unemployment rate | 14.4 | 12.2 | 10.4 | 8.1 | 7.8 | 7.3 | 7.5 | Q1 2026 | |
| (% working population) | 18.8 | 15.5 | 14.0 | 12.2 | 11.3 | 10.5 | 10.8 | ||
| Unemployment rate for under 25s | 37.6 | 42.3 | 27.1 | 20.2 | 22.4 | 20.1 | 20.5 | Q1 2026 | |
| (% working population 25) | 42.5 | 38.3 | 34.5 | 28.8 | 24.1 | 29.6 | 24.5 | ||
| Public sector | Public deficit | –1.1 | 0.4 | 0.2 | 0.1 | 0.7 | 0.3 | –– | 2025 |
| (% of GDP) | –0.9 | –0.2 | –0.6 | –0.9 | –0.2 | –0.4 | –– | ||
| Autonomous Communities public debt |
21.5 | 25.7 | 22.9 | 19.8 | 18.3 | 17.2 | –– | Q4 2025 | |
| (% of GDP) | 23.9 | 26.9 | 24.2 | 21.7 | 21.1 | 20.2 | –– | ||
| Real estate market | Housing prices | 3.7 | 1.2 | 7.6 | 5.1 | 9.0 | 11.8 | –– | Q4 2025 |
| (% year-on-year change) | 5.3 | 2.1 | 5.5 | 4.0 | 8.4 | 12.7 | –– | ||
| Housing sales |
9.7 | –11.7 | 25.8 | –10.3 | 16.2 | 14.4 | –10.3 | Mar.-26 | |
| (% cumulative annual change) | 9.7 | –16.9 | 24.8 | –10.2 | 9.7 | 11.5 | –2.6 | ||
| Foreign sector & tourism | Exports of goods | 0.6 | –5.5 | 19.0 | –4.3 | 2.7 | –5.3 | 4.4 | Mar.-26 |
| (% cumulative annual change) | 3.9 | –9.4 | 21.5 | –1.4 | 0.2 | 0.7 | 0.7 | ||
| Tourist overnight stays |
5.2 | –44.3 | 34.4 | 3.5 | 5.4 | 0.5 | 2.2 | Mar.-26 | |
| (% cumulative annual change) | 3.0 | –69.2 | 75.8 | 7.1 | 4.3 | 1.7 | 3.4 | ||
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Note: (*) The 2025 GDP figure for Autonomous Communities is an estimate made by CaixaBank Research. Source: CaixaBank Research, based on data from the National Statistics Institute (INE), the Bank of Spain, the Ministry of Labour, Migration and Social Security (MITRAMISS), the Ministry of Finance and DataComex. |
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Regional comparison
Below we show a series of charts comparing the main indicators for the various regions.
Exports of goods from Navarre AC
| SPAIN | CANTABRIA | ||||||
|---|---|---|---|---|---|---|---|
| Millions of euros | % of total | 25/24 (%) | Millions of euros | % of total | 25/24 (%) | % of Spain | |
| Food | 74,716 | 19.3 | 4.1 | 449 | 13.7 | 17.2 | 0.6 |
| Meat | 12,839 | 3.3 | 3.3 | 16 | 0.5 | –17.5 | 0.1 |
| Dairy and eggs | 2,606 | 0.7 | 3.5 | 31 | 0.9 | –14.1 | 1.2 |
| Fish | 5,740 | 1.5 | 7.8 | 110 | 3.4 | –3.0 | 1.9 |
| Cereals | 571 | 0.1 | –8.4 | 0 | 0.0 | –82.1 | 0.0 |
| Fruit and pulses | 25,999 | 6.7 | 5.7 | 1 | 0.0 | –32.4 | 0.0 |
| Sugar, coffee and cocoa | 4,277 | 1.1 | 32.1 | 166 | 5.1 | 65.4 | 3.9 |
| Processed foods | 6,987 | 1.8 | 5.5 | 42 | 1.3 | –5.8 | 0.6 |
| Beverages | 5,341 | 1.4 | 2.0 | 1 | 0.0 | –10.3 | 0.0 |
| Tobacco | 548 | 0.1 | 22.5 | 57 | 1.7 | 1.2 | 10.4 |
| Fats and oils | 7,303 | 1.9 | –14.5 | 1 | 0.0 | –45.9 | 0.0 |
| Seeds and oleaginous fruits | 268 | 0.1 | 29.9 | 11 | 0.3 | — | 4.0 |
| Animal feed | 2,237 | 0.6 | 11.5 | 14 | 0.4 | 55.9 | 0.6 |
| Energy products | 24,237 | 6.3 | –13.7 | 23 | 0.7 | 16.4 | 0.1 |
| Commodities | 9,527 | 2.5 | 10.2 | 158 | 4.9 | 11.6 | 1.7 |
| Animals and vegetables | 3,445 | 0.9 | –1.9 | 122 | 3.7 | 18.5 | 3.5 |
| Minerals | 6,082 | 1.6 | 18.5 | 36 | 1.1 | –6.8 | 0.6 |
| Semi-finished goods | 103,529 | 26.7 | 3.4 | 1,123 | 34.4 | –4.4 | 1.1 |
| Non-ferrous metals | 9,086 | 2.3 | 6.5 | 7 | 0.2 | –47.8 | 0.1 |
| Iron and steel | 8,866 | 2.3 | –2.6 | 495 | 15.2 | –1.5 | 5.6 |
| Chemical products | 66,023 | 17.1 | 5.2 | 435 | 13.3 | –6.4 | 0.7 |
| Paper | 4,977 | 1.3 | –1.6 | 38 | 1.2 | 10.3 | 0.8 |
| Construction materials | 7,721 | 2.0 | –1.5 | 75 | 2.3 | –14.9 | 1.0 |
| Tyres and inner tubes | 3,604 | 0.9 | 1.2 | 45 | 1.4 | 8.6 | 1.2 |
| Capital goods | 75,019 | 19.4 | 0.8 | 568 | 17.4 | –35.0 | 0.8 |
| Industrial machinery | 19,090 | 4.9 | 2.1 | 214 | 6.6 | 2.7 | 1.1 |
| Office and telecommunications eq. | 5,540 | 1.4 | 7.3 | 14 | 0.4 | –1.4 | 0.3 |
| Transport equipment | 15,443 | 4.0 | –10.5 | 17 | 0.5 | 12.7 | 0.1 |
| Engines/Motors | 4,511 | 1.2 | 11.8 | 45 | 1.4 | –71.8 | 1.0 |
| Electrical appliances | 16,353 | 4.2 | 5.4 | 93 | 2.8 | –69.0 | 0.6 |
| Precision equipment | 3,338 | 0.9 | 9.3 | 4 | 0.1 | –21.2 | 0.1 |
| Motor vehicle industry | 49,438 | 12.8 | –7.1 | 505 | 15.5 | 20.0 | 1.0 |
| Consumer durables | 6,374 | 1.6 | 7.1 | 96 | 2.9 | –15.7 | 1.5 |
| Domestic appliances | 1,993 | 0.5 | 7.5 | 25 | 0.8 | –27.2 | 1.2 |
| Consumer electronics | 396 | 0.1 | 18.8 | 1 | 0.0 | 4.3 | 0.2 |
| Furniture | 3,267 | 0.8 | 5.0 | 2 | 0.0 | 53.8 | 0.0 |
| Consumer goods | 35,572 | 9.2 | 3.8 | 127 | 3.9 | –1.0 | 0.4 |
| Textiles | 19,418 | 5.0 | 1.7 | 92 | 2.8 | 5.2 | 0.5 |
| Footwear | 3,606 | 0.9 | –1.6 | 1 | 0.0 | –62.5 | 0.0 |
| Toys | 2,517 | 0.7 | 37.3 | 6 | 0.2 | 22.3 | 0.2 |
| Pottery | 130 | 0.0 | 8.0 | 0 | 0.0 | –97.7 | 0.0 |
| Jewellery and watches | 1,413 | 0.4 | 23.5 | 1 | 0.0 | 1,833.3 | 0.0 |
| Leather and leather goods | 528 | 0.1 | –0.3 | 0 | 0.0 | — | 0.0 |
| Other goods | 8,680 | 2.2 | 9.3 | 216 | 6.6 | 12.7 | 2.5 |
| TOTAL | 387,092 | 100.0 | 0.7 | 3,265 | 100.0 | –5.3 | 0.8 |
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Note: Figures from 2025. Source: CaixaBank Research, based on data from DataComex. |
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