Published on Tuesday, September 19, 2023

Spain | Asturias Economic Outlook 2023

Asturias' GDP could grow by 2.1% and in 2023 recover the pre-pandemic level. By 2024, the increase in activity will accelerate to 2.5%, and during that year it is expected to be able to recover GDP per capita. If these forecasts are met, Asturias would create more than 16,000 new jobs by 2024.

Key points

  • Key points:
  • The economy is slowing down, although less than anticipated a few months ago. The slowdown in investment and household spending, due to uncertainty, inflation and interest rates, is limiting the contribution of domestic demand. But exports (particularly services and tourism) and employment have remained buoyant in the first months of 2023.
  • Industrial and construction activity will gain traction as NGEU funds are executed and uncertainties affecting households and businesses fade. Progressive resolution of bottlenecks and certainty about energy costs will support the recovery of the industrial sector. The correction of inflation will continue and the upward path of interest rates is already expected to be short. No imbalances are observed in the economic sectors, but the savings pool of Asturian households has already returned to 2019 levels.
  • Several factors will condition the progress of activity in 2024. Among them, high rates for longer than anticipated, capacity constraints in sectors such as tourism or housing, an impact of the NGEU Funds on private investment that is proving to be slower than anticipated, and a slower than anticipated impact of the NGEU Funds on private investment, among others.

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