Spain | Asturias Economic Outlook 2021

The economy of Asturias may have shrunk by 10.9% in 2020, and might grow 5.3% in 2021 and 6.0 in 2022. Public policies softened the impact of COVID-19. Consumption and investment will push the economy through 2021. With risks, the situation should be getting back to normal by 2022.

Key points

• Key points:
• The GDP per capita of Asturias will advance in line with the one of Spain, until 2022.
• The lesser relevance of social consumption and less dependence on foreign tourism contribute to a lower contraction in 2020.
• Heterogeneous impact by region, sector and personal characteristics.
• With the boost of consumption and investment, 14.000 jobs could be created between 2019 and 2022.
• The risks are the pandemic, the approach of necessary reforms and the distribution of NGEU funds.

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