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The economy of Galicia grew 2.7% in 2018, and will still grow 2.2% in 2019 and 2.0% in 2020, creating some 30,300 new jobs in those two years, although some external factors’ contribution shall slow down. Having almost recovered pre-crisis per capita income, creating more and better jobs remains as a challenge
GDP growth could be between 0.6% and 0.7% t/t in 2Q19, which, if confirmed, would introduce an upward bias on BBVA Research's growth forecast for 2019 (2.2% a/a). Domestic spending continues to lead economic activity, although exports could have regained some traction
Over the last few months, there has been an interesting debate on the cyclical position of the Spanish economy, its potential growth and the output gap.
The economy of the Basque Country reduced its growth to 2.2% in 2018, and will keep a similar growth rate in 2019 and 2020. It will create 27,000 new jobs during that time, although there are many risks and some are now more likely to materialize. Total employment will be 5.5 percentage points below its pre-crisis level
Social security registrations increased by 211,800 people in May (2.8% YoY), less than expected, and unemployment fell by 84,100 (-5.3% YoY). Excluding seasonal factors, the number of people in employment grew by 31,000 people, driven by positive developments in the services sector, while unemployment fell by 10,000
The Catalan economy grew at a rate of 2.3% in 2018, and will maintain a similar dynamism in 2019 and 2020, with GDP increases of 2.2% and 2.0%. This will allow the creation of 126.000 jobs, reduce the unemployment rate to 9.8% by the end of 2 020 and recover the positive growth differential compared to Spain