The Gross Domestic Product (GDP) of Castilla y León rose 4.2 percent in the third quarter of 2024, six tenths more than in the previous quarter, and eight tenths above the country’s growth (3.4 percent) and four times more than the averages for the EU (1.0 percent) and the Eurozone (0.9 percent).
The rebound in the economy of Castilla y León has been mainly due to the promotion of agriculture and industry, on the supply side, and exports, on the demand side, to the point that without sales abroad the GDP would have grown 1.3 points less and would have only risen 2.9 percent.
For its part, the quarterly variation of the GDP of Castilla y León stood at 1.5 percent in the third quarter of the year compared to 0.2 percent in the previous quarter and 0.7 percent in the first three months of the year. anus.
As reported by the Minister of Economy and Finance, Carlos Fernández Carriedo, the accumulated growth of the economy of Castilla y León so far this year amounts to 3.6 percent, so, at the expense of the evolution of the fourth quarter, everything indicates that the GDP will grow above the 3.0 percent forecast in the latest review of the macroeconomic picture.
Castilla y León exceeds the accumulated growth of the Spanish economy by six tenths (3.0 percent) and is six times higher than the averages of the EU (0.8 percent) and the Euro zone (0.6 percent).
From the SUPPLY perspective, during the third quarter of 2024, in year-on-year terms, it was observed a growth in the GVA of all sectorsin industry and in the primary sector was higher than the previous quarter, remaining the same in construction and services.
The GVA of the primary sector of Castilla y León recorded an interannual growth of 11.5% (10.8% in the previous period), where agricultural production grew and livestock production decreased to a lesser extent.
While, The GVA of the industry increased more than the previous period (8.3% and 5.2%, respectively). Among the industrial branches, manufacturing branches increased more in this quarter than in the previous one (4% and 2.2% respectively), with the supply of electrical energy registering significant growth, higher than that of the second quarter.
The construction sector recorded an interannual variation of 1.8% in the third quarter of 2024, equal to that of the previous period. Finally, the GVA of the entire services sector registered an interannual growth of 3.1%, the same as in the previous one, where greater growth is observed in commerce, transport and hospitality, financial and insurance activities, public administration , education and health and information and communications.
From the point of view of Demand, a positive contribution of domestic demand to GDP growth of 2.9 percentage points (pp) was recorded in this quarter, the same as in the previous one. The contribution of the foreign sector went from 0.7 to 1.3 pp in this period, where total exports and total imports registered greater growth.
Final consumption spending grew by 3%two tenths more than in the previous quarter, as a result of the greater increase in household final consumption spending (2.9% compared to 2.7% in the previous period) and Public Administration spending (3.2% and 2.8%, respectively).
Less investment
Regarding gross capital formation (investment), it recorded a variation of 2.2% in this quarter, lower than that of the previous period (2.7%), where investment in construction slowed down as well as investment in capital goods. equipment.
Investment in capital goods increased 1.4% year-on-year, less than in the previous quarter (2.3%). – For its part, investment in construction registered an increase of 2.8% this quarter (3% in the previous period). The foreign sector presented a positive contribution of 1.3 pp to GDP growth in the third quarter of the year (0.7 pp in the previous period), with an acceleration of total exports (from 2.2% to 5.7 % in this quarter) and of total imports (from 0.9% to 3.2% in the third quarter).
Finally, employment, measured in full-time equivalent jobs, defined as the number of hours worked between the average shift worked in full-time jobs, reflects an interannual variation of 2.4% (0.4% in the previous one), with greater growth in services, a smaller contraction in the primary sector and in construction and a lower growth in industrial employment.
#GDP #Castilla #León #soars #due #agriculture #industry #exports
