Aragón’s economy endures and registers a favorable evolution for exports and employment despite the international context and the inflationary monetary policy implemented by the European Central Bank.
This resilience of the economy of the Aragonese community has been especially noted in the limited impact of that context on employment and growth, which has in turn translated into a inflation reduction from 9% in 2022 to 3% in 2023.
According to the report, Aragón maintained economic growth of 2.8% in 2023. An evolution that is aligned with the growth rate of the United States and is above the European average of 0.6%. An evolution achieved despite the difficulties that have affected credit, especially in the mortgage market, and the consumption of durable goods.
Aragón also stands out in the evolution of employment. The unemployment rate stood at 8.58% at the end of 2023being below the national average of 12.19%. With this figure, the community It is the third with the lowest unemploymentplacing it behind the Basque Country and Cantabria. The decrease in unemployed has been 10.07% compared to the previous year. Besides, the active population has increased by 0.75%with the exception of the province of Huesca where there was a decrease of 0.45% due to the drop in indigenous assets.
Exports are another of the strong points of the Aragonese economy and have allowed it to maintain its vigor and be resilient. In 2023, it was beaten again export record although, for the first time, since 2006, there has been a trade balance deficit for the capital goods acquired by the location of new companies during the year in Zaragoza, which is the only province within Aragon to register this deficit. However, despite this imbalance, Aragon’s average productivity continues to improve.
Aragón also stands out in per capita product –it is the fifth autonomy-, apart from maintain the average profitability of companies at a positive level, reaching 4.98% in 2023.
Among the challenges that the Aragonese economy has ahead highlights the public debtwhich remains at high levels, as well as the productivity improvement in some sectors that have not yet reached the previous levels of 2006. It is also necessary pay attention to the deficit in foreign tradewithout ignoring global uncertainties.
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