Aragón’s economy continues to show dynamism. The latest data from the Quarterly Economic Bulletin, corresponding to the third quarter of 2024, reflect a GDP growth in the Aragonese community of 3.4% annuallyplacing it slightly above the Spanish average of 3.3% for the same period.
By sectors of activity, the progress recorded in the third quarter in the agriculture and serviceswhose evolution contrasts with industry and construction that have slowed down despite growing. In this way, the GVA of agriculture and livestock has experienced an annual growth of 6% in the third quarter of 2025, while that of manufacturing industry has been 5.6% and the construction with 5.2%, being the three most dynamic.
The rest of the sectors have also grown, although to a lesser extent. In this case, the GVA of services has experienced an increase of 2.9% annually, as has the GVA of the Administration, Education and Health. In the hospitality and commerce and transportation has been 1.9%.
The consumption of Aragonese and NPISH households has also been positive with an annual growth of 3.7% in the third quarter, which is three tenths of a percentage point above the 3.4% annual growth in the previous quarter. For its part, public administration consumption has moderated from 5% annually in spring to 4.6% annually in summer.
Downward evolution has occurred in exports Aragonese goods and services that have fallen 6.2% annually in the period. A decline that has been accentuated in imports by recording a negative variation rate of 13.8% annually.
GDP growth has been achieved despite the fact that the labor market has lost steam. Despite this, job creation has continued to grow 1.5% annually in Aragon compared to 1.8% in Spain as a whole. Furthermore, the unemployment rate has continued to decline. Specifically, in the Aragonese community it has reached 8.7% of the active population in the same period, while, in Spain, it is somewhat higher: 11.2%.
The inflation has shown a trend towards moderation in the third quarter of 2024, which has made it easier for Aragon to settle at 2.2% annually in that period, the same as in Spain. However, underlying inflation has stood at 2.6% annually in both cases.
For now, the partial indicators that are already known for the fourth quarter suggest that Aragon’s economy will continue to show its dynamism. The labor market will also have a positive evolution, in which good behavior will be maintained. However, the prospects in both the short and medium term are for a certain moderation in the pace of growth.
This is due to the high uncertainty and to specific factors such as the intensification of geopolitical tensionsas well as the deterioration of multilateral cooperation, the fragmentation of markets and the protectionist drift of some countries, especially in the United States with the arrival of Donald Trump back to Casablanca, as indicated in the Bulletin. Precisely, in relation to the US, it is also worth noting the trade tensions with China, a country with which the tariffs imposed by the European Union are also in the spotlight.
We must not forget other factors that can interfere with economic growth. It is the case of the new tax rules put by the European Union within a context of weak growth and high public debt in many countries. The high political uncertainty in Germany and France must also be taken into account, as well as the evolution of their respective economies.
It is a context in which there are positive aspects such as the fact that the European Central Bank has maintained a path of relaxation of monetary policy that is promoting a moderation of financing costs. A factor that should boost investment and private consumption.
#Aragons #GDP #grows #moderate #due #uncertainty #geopolitical #risks
