Spain | Asturias Economic Outlook. 2025

Summary

Asturias' GDP growth could reach 2.5% in 2024 and will continue with an increase of 2.0% in 2025 and 1.7% in 2026. This momentum will be supported by domestic demand and tourism, helped by falling inflation and interest rates and rising wages and employment.

Key points

• Key points:
• This is twice the average growth between 1995 and 2019 (1.2%) and three times that of the EMU (0.8%), although it is lower than that of Spain (3.2%).
• Employment growth, mainly due to the increase in the working population of foreign origin, has been concentrated in the urban area of Asturias (the triangle of Oviedo, Gijón and Avilés).
• The unemployment rate could fall to an average of 10.8% by 2026 and 11,500 new jobs could be created in the biennium 2025-2026.
• Progress is needed on policies to encourage investment, create security and address human capital shortages. The industrial sector faces a high degree of uncertainty related to rising energy costs, structural problems, stagnating European demand and possible US tariff increases.
• The lack of investment, especially in the housing market, is a bottleneck to growth, although the situation in Asturias is not as pressing as in other regions.

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