Regional Analysis Spain

Asturias' GDP could increase by 2.3% in 2024 and 2.0% in 2025, which would allow for the creation of 13,700 new jobs in the region in the biennium.

This presentation, delivered on the 10th anniversary of the BBVA Pension Institute in Portugal, analyzes the economic forecasts for Portugal and Spain, and the challenge of long-term aging of their population, as one of the challenges facing public systems pensions in Europe.

Social Security enrollment grew by 220,300 and unemployment fell by 58,700. Seasonally adjusted, it is estimated that the number of contributors increased by 60,000, but the number of unemployed hardly changed. The percentage of those affiliated to the General Regime with temporary contracts stabilized at 14.4% CVEC.

Since the end of 2019 through the first quarter of 2024, the Gross Value Added (GVA) of the services sector has increased by 6.3%, compared to 3.7% for the total economy. In addition, the number of hours worked increased by more than 2%, compared to 0.9% for all sectors.

According to BBVA credit card data, the first months of the year have been characterized by a slowdown in the growth of tourist spending in Spain compared to the last months of 2023, weighed down by the decline in consumption by Spaniards and despite the rebound of foreign tourism.

Spain's positive growth differential with the EU is good news, but it can be exhausted and is not enough to reduce the gap between GDP per capita and productivity, which is the only engine capable of generating sustained growth.