Published on Tuesday, January 31, 2023

Spain | Castille-La Mancha 2023 Outlook

The GDP of Castille-La Mancha increased by 4.8% in 2022. We expect an increase of 1.1% in 2023 and 3.3% in 2024, which will allow the creation of 31 thousand jobs between 2022 and 2024.

Key points

  • Key points:
  • GDP and GDP per capita in Castille-La Mancha have already returned to the pre-pandemic level. It is the only community whose GDP would have already exceeded the 2019 level.
  • The most recent information forces to revise the 2022 growth to 4.8% in Galicia and 5.5% in Spain. But a lower dynamism is observed in the second half of the year, and therefore, the forecast for 2023 is for a deceleration of the increase in the GDP of Castille-La Mancha to 1.1% in 2023.
  • The entry into recession of the Eurozone and the exhaustion of the recovery in tourism will cause the contribution to growth of external demand to be negative in 2023 and 2024. Household spending will be affected by rising prices, increased uncertainty, slowing employment and rising interest rates.
  • Activity will gain traction as NGEU funds are executed and uncertainties affecting households and businesses fade, and this will boost Castille-La Mancha GDP growth in 2024 to 3.3%. By 2024, 31,200 new jobs could be created in the region.
  • The correction of inflation will continue, and there appear to be no problems in gas supply. Companies and households are better prepared to face a more volatile environment. There are no imbalances in the economic sectors.

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