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Published on Monday, June 29, 2020

Spain | Castilla-La Mancha Economic Outlook 2020

In Castilla-La Mancha, GDP could fall between 6.4% and 9% depending on the scenario and the recovery by 2021 could be insufficient to recover the GDP levels of early 2019. Employment could fall between 6.1% and 8.7% in 2020, which would mean losing between 20,000 and 32,000 jobs in the biennium.

Key points

  • Key points:
  • The bias on these forecasts is downward, given the uncertainty about when and how the return to normal will occur, the risk of a resurgence of the health crisis and its impact on activity.
  • In March, 8% of the affiliated (approx. 50,000 people) saw their work in Castilla-La Mancha affected as a result of COVID-19. In April and May, as a result of the confinement, the proportion of jobs affected increased to 27% (about 195,000 affiliated). Of these, more than half are workers in an ERTE situation.
  • The de-escalation allows to recover the previous rhythms of spending with card, and with more dynamism in Castilla-La Mancha. Progress is more noticeable in Albacete and Guadalajara.
  • The economic measures taken by the Autonomous Communities to date against COVID-19 will reach 0.7% of GDP, both in Spain and at regional level. In Castilla-La Mancha, the announcement of a multi-year plan of 1 billion euros to support investment is noteworthy. Of this, 230 million euros (0.6% of GDP) will be provided this year.

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