• With just over 8.6 million inhabitants, Andalusia is the region with the largest population and it accounts for 17.9% of the total population.
• The region’s GDP (180.224 billion euros) accounts for 13.4% of Spanish GDP, the third highest of all regions.
• In terms of sectoral composition, Andalusia is notable for the relative importance of agriculture (6.2% of its GDP, one of the highest percentages in the country vs. the average of 2.6%) and public services (21.8% vs. 17.8%). Meanwhile, the importance of the manufacturing industry (7.5%) is significantly below average (12.5%). Tourism in the region is estimated to generate 12.5% of total GDP.
• Although Andalusia has significantly increased its export capacity over the last decade, exports of goods still account for a percentage of GDP that is lower than the Spanish average (23.8% vs. 28.9%). It has total export sales of 38.537 billion euros (2023), 10% of Spanish exports: chiefly of food (35% of the total), especially fruit, pulses and oils; fuel (17.3%), and chemical products (9.5%). Andalusia exports almost 54% of the country’s oils, 33% of its fruit and pulses and 32% of its minerals.

Andalusia’s economy is performing well. According to CaixaBank Research’s estimates, Andalusia’s GDP grew by 2.6% in 2024, below the Spanish average (2.8%). The strength of consumption, boosted by buoyant tourism and the recovery of the agricultural sector thanks to more favourable weather, was in stark contrast to the prolonged decline in industry, hit by the sluggishness of the euro area.

For 2025, our forecasts suggest that there will be a slight loss of momentum in the Andalusian economy, with GDP growing by 2.2% (2.3% in Spain). We expect consumption to remain strong, against a backdrop of high job creation and falling inflation and interest rates; tourism will also continue to be a major driver of growth. In turn, the momentum of investment will depend on the rollout of European funds, while the weak recovery of the European economy will constrain foreign demand.

A positive trend has been observed in employment in Andalusia. After ending 2023 with an average rise in the number of registered workers affiliated to Social Security standing at 2.1%, somewhat below the national average (2.7%), in November this year the pace picked up to 2.5% year-on-year (vs. 2.4%), with a notable upturn in hotels and restaurants, healthcare and education. On a less positive note, the unemployment rate (16.1% in Q3 2024) is the highest in the country and is far above the Spanish average (11.2%).

After performing less well than Spain as a whole in 2023 (1.9% vs. 2.9%), the volume of retail trade sales has seen a sharp upturn this year, recording the second highest regional growth, 3.7% year-on-year in January-October (vs 2.0%).

Hampered by weakening global demand, Andalusia’s industrial production has declined steeply in recent years, falling by 4.5% in 2023 (–1.6% nationwide) and 3.0% year-on-year in January-September 2024 (vs. +0.2%), so it is one of the regions furthest adrift of 2019 levels (–10.0% vs. –1.7%). The hardest hit industries include the energy sectors (the region has two refineries).

Andalusia’s exports fell sharply in 2023 (–10.3% vs. –1.4% in Spain), hit by falling demand and the price correction of oil products, which was reflected in the decline in sales of energy products, chemical products and food (especially oils, fruits, pulses and cereals). In 2024 we have seen a strong recovery, with a 6.2% increase year-on-year up to September (vs. –0.3%), thanks to food (mainly oils).

The Andalusian tourism industry is less dependent on international tourism than other regions: overnight stays by foreigners in tourist establishments accounted for 52% of the total in 2023 (62% in Spain). Last year, total overnight stays (domestic and foreign) outperformed pre-pandemic levels and this positive trend has continued in 2024: in the first 10 months they increased by 5.4% year-on-year, above the national average (4.6%) and among the best figures across all regions.