Galicia
According to CaixaBank Research estimates, Galicia’s GDP grew by 2.7% in 2025, 0.1 pp below the figure for the Spanish economy as a whole. The housing market is performing well and industry is experiencing a tentative recovery, especially the powerful motor vehicle industry, whereas exports and consumption are somewhat more sluggish, mirroring the slowdown in employment.
Regional economic structure and position
- Galicia’s GDP is 81.840 billion euros, 5.1% of the national total, placing it sixth in the overall ranking.
- In demographic terms, the region has 2.73 million inhabitants, 5.5% of Spain’s total population. It is one of the oldest regions – 27.2% of the population is over 65 years old (21.1% on average) – and has one of the smallest foreign populations (7.1% of the total vs. 14.4%).
- GDP per capita stands at 30,191 euros, almost 7.5% below the national average, although it has been making up ground in recent years, not so much due to notable growth in GDP, but because of a slight decline in its population.
- In terms of its productive sectors, Galicia is notable for the relative importance of construction (6.3% vs. 5.7% on average in Spain); the manufacturing industry (14.9% vs. 11.9%), especially textiles, the motor vehicle industry and food; and the agricultural sector (5.8% vs. 3.0%). In contrast, industry-related services account for a far smaller percentage (23.7% vs. 30,2%).
- Galicia is notably export-oriented: exports of goods account for the second highest proportion of GDP of all regions (37.9%, 14 points above the Spanish average). In 2025, its goods exports amounted to 30.939 billion euros, 8.0% of Spanish exports: the leading export sectors are textiles (23.7% of the total), the motor vehicle industry (22.1%) and food (13.9%), especially fish. The region exports 38% of the country’s textile products and 53% of its fish products.
Table of structural indicators
| 1994 | 2004 | 2014 | 2024 | ||
|---|---|---|---|---|---|
| GDP per capita | Euros | 8,455 | 16,304 | 19,876 | 30,191 |
| 100 = Spain | 79.3 | 81.2 | 88.8 | 92.5 | |
| Population | Thousands of inhabitants | 2,727 | 2,721 | 2,733 | 2,715 |
| Average annual growth in the decade (%) | –0.3 | 0.0 | 0.0 | –0.1 | |
| % of the total in Spain | 6.9 | 6.3 | 5.9 | 5.5 | |
| % of population > 65 years old | 17.9 | 21.2 | 24.0 | 26.9 | |
| Exports of goods as a proportion of GDP | % | … | 23.7 | 32.7 | 37.9 |
Macroeconomic situation
According to CaixaBank Research estimates, Galicia’s GDP grew by 2.7% in 2025, 0.1 pp below the figure for the Spanish economy as a whole. The housing market is performing well and industry is experiencing a tentative recovery, especially the powerful motor vehicle industry, whereas exports and consumption are somewhat more sluggish, mirroring the slowdown in employment.
For 2026, our forecasts indicate GDP growth of 2.3% in Galicia, slightly below the national average (2.4%). According to the latest figures, household spending is gaining momentum, while the faster roll-out of EU funds and improving financing conditions could boost investment and business activity. However, any upturn in exports could be hampered by the weakness of the European economy and geopolitical and trade tensions, which have heightened the downside risks to the outlook.
The Galician labour market is slightly more sluggish than across the country as a whole. The number of registered workers affiliated to Social Security grew by 1.7% in 2025, compared to 2.3% in Spain, while this year has seen a similar trend: 1.5% growth year-on-year in February (vs. 2.2%). However, the unemployment rate is below average: it stood at 8.3% in Q4 2025, 1.6 points below the national average.
Household spending had been rising at a more modest rate than the national average, a trend that appears to be reversing at the start of 2026. As such, the volume of sales in retail trade grew by 2.7% in 2025 (4.0% in Spain) and by 5.6% year-on-year in January this year (vs. 3.6%). In turn, after growing by 8.7% in 2025 (vs. 12.9% on average), the number of passenger car registrations rose sharply in January-February 2026 and recorded one of the highest growth rates of all the regions (23.9% year-on-year vs. 4.6%), although it remains far below 2019 levels (–22.6% vs. –8.1% in Spain).
Galicia’s industrial production recovered slightly in 2025, growing by 0.9%, which was below the 1.3% recorded across Spain: while capital goods and consumer non-durables enjoyed an upswing, the energy sectors were hit by a sharp decline. Early indications this year show a slight improvement in regional IPI: in January, it picked up to 1.9% year-on-year, in contrast to the decline seen across the country as a whole (–2.7%).
Exports of goods, which performed better than on average across Spain in 2023-2024, saw a significant decline in 2025, falling by 0.3% (vs. 0.7% in Spain): strong sales in the motor vehicle industry and textile and food sectors – especially fish products – were in stark contrast to the sharp decline in capital goods (especially industrial machinery and transport equipment) and energy products (oil products), driven by their prices returning to normal.
Table of indicators
| 2014-2019 average | 2020 | 2021-2022 average | 2023 | 2024 | 2025 | 2026 | Latest figure | ||
|---|---|---|---|---|---|---|---|---|---|
| Activity and prices | Real GDP* | 2.7 | –8.9 | 5.7 | 2.7 | 2.9 | 2.7 | 2025 | |
| (% year-on-year change) | 2.8 | –10.9 | 6.5 | 2.5 | 3.5 | 2.8 | |||
| Retail trade |
2.1 | –0.8 | 0.7 | 0.9 | 1.5 | 2.7 | 5.6 | Jan.-26 | |
| (% cumulative annual change) | 2.3 | –5.2 | 2.2 | 2.9 | 2.1 | 4.0 | 3.6 | ||
| Industrial production index | 1.8 | –8.5 | 2.4 | 0.8 | 0.9 | 0.9 | 1.9 | Jan.-26 | |
| (% cumulative annual change) | 1.8 | –9.2 | 4.7 | –1.6 | 0.7 | 1.3 | –2.7 | ||
| Service activity index | 6.2 | –13.6 | 25.1 | 3.6 | 3.4 | 3.5 | –– | Dec.-25 | |
| (% cumulative annual change) | 5.1 | –15.6 | 20.1 | 2.2 | 3.0 | 4.8 | –– | ||
| Consumer price index | 0.7 | –0.3 | 6.3 | 3.6 | 2.9 | 2.4 | 2.2 | Feb.-26 | |
| (% year-on-year change) | 0.7 | –0.3 | 5.7 | 3.5 | 2.8 | 2.7 | 2.3 | ||
| Labour market | Registered workers affiliated to Social Security | 2.1 | –1.7 | 2.0 | 1.7 | 1.6 | 1.7 | 1.5 | Feb.-26 |
| (% year-on-year change) | 3.2 | –2.1 | 3.2 | 2.7 | 2.4 | 2.3 | 2.2 | ||
| Non-furloughed registered workers affiliated to Social Security |
2.1 | –7.7 | 5.7 | 2.6 | 2.3 | 2.3 | 2.0 | Feb.-26 | |
| (% year-on-year change) | 3.2 | –9.2 | 7.3 | 3.4 | 2.7 | 2.5 | 2.5 | ||
| Unemployment rate | 16.5 | 12.0 | 11.3 | 9.7 | 9.4 | 8.4 | –– | Q4 2025 | |
| (% working population) | 18.8 | 15.5 | 14.0 | 12.2 | 11.3 | 10.5 | –– | ||
| Unemployment rate for under 25s | 38.4 | 33.2 | 32.5 | 24.7 | 25.8 | 24.9 | –– | Q4 2025 | |
| (% working population 25) | 42.5 | 38.3 | 34.5 | 28.8 | 24.1 | 29.6 | –– | ||
| Public sector | Public deficit | –0.4 | –0.1 | –0.3 | –0.1 | 0.2 | 0.6 | –– | Q3 2025 |
| (% of GDP) | –0.9 | –0.2 | –0.6 | –0.9 | –0.1 | 0.3 | –– | ||
| Autonomous Communities public debt |
18.6 | 19.6 | 17.5 | 15.7 | 14.6 | 14.2 | –– | Q3 2025 | |
| (% of GDP) | 23.9 | 26.9 | 24.2 | 21.7 | 21.1 | 20.4 | –– | ||
| Real estate market | Housing prices | 2.6 | 2.2 | 5.6 | 3.6 | 7.4 | 12.9 | –– | Q4 2025 |
| (% year-on-year change) | 5.3 | 2.1 | 5.5 | 4.0 | 8.4 | 12.7 | –– | ||
| Housing sales |
7.4 | –11.1 | 20.3 | –11.6 | 22.4 | 14.2 | –– | Dec.-25 | |
| (% cumulative annual change) | 9.7 | –16.9 | 24.8 | –10.2 | 9.7 | 11.5 | –– | ||
| Foreign sector & tourism | Exports of goods | 4.6 | –5.9 | 19.4 | 0.5 | 3.3 | –0.3 | –– | Dec.-25 |
| (% cumulative annual change) | 3.9 | –9.4 | 21.5 | –1.4 | 0.2 | 0.7 | –– | ||
| Tourist overnight stays |
5.1 | –56.1 | 55.1 | 5.6 | 2.0 | 2.4 | –1.1 | Jan.-26 | |
| (% cumulative annual change) | 3.0 | –69.2 | 75.8 | 7.1 | 4.3 | 1.7 | 3.5 | ||
| 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. | |||||||||
Regional comparison
Below we show a series of charts comparing the main indicators for the various regions.
Exports of goods from Galicia
| TOTAL | To the US | ||||||
|---|---|---|---|---|---|---|---|
| Millions of euros | % total exports in region | % exports from sector in Spain | Millions of euros | % total exports in region to US | % exports from sector in Spain to US | % exports from sector in region | |
| Food | 4,285 | 13.9 | 5.7 | 126 | 23.0 | 4.1 | 2.9 |
| Meat | 439 | 1.4 | 3.4 | 2 | 0.3 | 0.7 | 0.4 |
| Dairy and eggs | 228 | 0.7 | 8.7 | 1 | 0.1 | 0.5 | 0.3 |
| Fish | 3,017 | 9.8 | 52.6 | 89 | 16.3 | 31.4 | 2.9 |
| Cereals | 13 | 0.0 | 2.2 | 0 | 0.0 | 0.0 | 0.0 |
| Fruit and pulses | 91 | 0.3 | 0.3 | 1 | 0.2 | 0.2 | 1.3 |
| Sugar, coffee and cocoa | 28 | 0.1 | 0.7 | 0 | 0.0 | 0.0 | 0.1 |
| Processed foods | 73 | 0.2 | 1.0 | 1 | 0.2 | 0.3 | 1.5 |
| Beverages | 109 | 0.4 | 2.0 | 25 | 4.6 | 6.9 | 22.9 |
| Tobacco | 3 | 0.0 | 0.5 | 0.0 | 0.0 | 0.0 | |
| Fats and oils | 171 | 0.6 | 2.3 | 7 | 1.3 | 0.8 | 4.1 |
| Seeds and oleaginous fruits | 2 | 0.0 | 0.8 | 0.0 | 0.0 | 0.0 | |
| Animal feed | 113 | 0.4 | 5.1 | 0 | 0.1 | 1.3 | 0.2 |
| Energy products | 1,426 | 4.6 | 5.9 | 27 | 4.9 | 3.5 | 1.9 |
| Commodities | 885 | 2.9 | 9.3 | 24 | 4.5 | 9.1 | 2.7 |
| Animals and vegetables | 569 | 1.8 | 16.5 | 22 | 4.0 | 14.9 | 3.8 |
| Minerals | 316 | 1.0 | 5.2 | 2 | 0.4 | 2.0 | 0.8 |
| Semi-finished goods | 3,731 | 12.1 | 3.6 | 175 | 32.1 | 3.3 | 4.7 |
| Non-ferrous metals | 693 | 2.2 | 7.6 | 25 | 4.5 | 15.2 | 3.6 |
| Iron and steel | 346 | 1.1 | 3.9 | 6 | 1.1 | 1.6 | 1.8 |
| Chemical products | 1,572 | 5.1 | 2.4 | 85 | 15.6 | 2.6 | 5.4 |
| Paper | 135 | 0.4 | 2.7 | 4 | 0.7 | 1.8 | 2.7 |
| Construction materials | 446 | 1.4 | 5.8 | 23 | 4.3 | 2.4 | 5.2 |
| Tyres and inner tubes | 23 | 0.1 | 0.6 | 0 | 0.0 | 0.1 | 0.6 |
| Capital goods | 4,737 | 15.3 | 6.3 | 94 | 17.2 | 1.7 | 2.0 |
| Industrial machinery | 959 | 3.1 | 5.0 | 50 | 9.1 | 3.0 | 5.2 |
| Office and telecommunications eq. | 192 | 0.6 | 3.5 | 5 | 0.8 | 2.5 | 2.3 |
| Transport equipment | 2,419 | 7.8 | 15.7 | 1 | 0.1 | 0.2 | 0.0 |
| Engines/Motors | 21 | 0.1 | 0.5 | 7 | 1.2 | 0.8 | 31.4 |
| Electrical appliances | 376 | 1.2 | 2.3 | 13 | 2.4 | 0.8 | 3.5 |
| Precision equipment | 47 | 0.2 | 1.4 | 1 | 0.2 | 0.4 | 1.8 |
| Motor vehicle industry | 6,825 | 22.1 | 13.8 | 45 | 8.2 | 11.8 | 0.7 |
| Consumer durables | 417 | 1.3 | 6.5 | 17 | 3.1 | 6.6 | 4.0 |
| Domestic appliances | 20 | 0.1 | 1.0 | 0 | 0.0 | 0.1 | 0.2 |
| Consumer electronics | 18 | 0.1 | 4.6 | 0 | 0.0 | 0.9 | 0.2 |
| Furniture | 360 | 1.2 | 11.0 | 17 | 3.1 | 9.0 | 4.6 |
| Consumer goods | 8,341 | 27.0 | 23.4 | 31 | 5.7 | 3.0 | 0.4 |
| Textiles | 7,322 | 23.7 | 37.7 | 18 | 3.3 | 6.9 | 0.2 |
| Footwear | 539 | 1.7 | 14.9 | 2 | 0.4 | 1.2 | 0.4 |
| Toys | 39 | 0.1 | 1.5 | 1 | 0.1 | 1.1 | 1.3 |
| Pottery | 12 | 0.0 | 9.5 | 0 | 0.0 | 0.7 | 0.5 |
| Jewellery and watches | 54 | 0.2 | 3.8 | 0 | 0.0 | 0.3 | 0.5 |
| Leather and leather goods | 9 | 0.0 | 1.8 | 0 | 0.0 | 0.3 | 0.2 |
| Other goods | 292 | 0.9 | 3.4 | 8 | 1.4 | 4.2 | 2.6 |
| TOTAL | 30,939 | 100.0 | 8.0 | 545 | 100.0 | 3.3 | 1.8 |
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Note: Figures from 2025. Source: CaixaBank Research, based on data from DataComex.
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- In 2025, Galicia exported €545 million worth of goods to the U.S., accounting for just 1.8% of its total exports – well below the average (4.3%) – and 3.3% of Spain’s total exports to that country.
- Almost a third of the goods that Galicia exports to the U.S. are semi-finished goods, mainly chemicals, followed by food (23.0% of the total), particularly fish: the region accounts for 31% of Spain’s fish product exports to the US.