October 8, 2021
Regional & Urban Economics
Regional & Urban Economics latest publications
Card spending in September was 37% higher than in the same month of 2019 (35% in August) driven by the upturn in purchases with Spanish cards. Face-to-face transactions gained traction (26%), while online transactions slowed their progress (72%).
The president has turned over to Congress a constitutional reform initiative that seeks to reverse the 2013 energy reform that ended decades of monopoly control of the sector by the State
According to BBVA credit card spending data, national tourism spending picked up slightly in September. Growth in the month was 11% compared to 2019 levels (9% in August). If spending by Spaniards abroad is excluded, the advance stood at 22% (19% in August).
The recovery of the Valencian economy has increased in intensity in recent months, so that it will grow well above its potential, and will recover its pre-pandemic GDP level by the end of 2022.
GDP in Castile and Leon could increase by 5.9% in 2021, and by 6.1% in 2022. This would result in the creation of some 25,000 jobs compared to 2020. There is a downward bias on these forecasts if Spain's slower economic recovery is confirmed.
GDP advanced 19.6% annually as of 2Q21, 14 out of 20 sectors are still below what was observed in 2019. It is confirmed that the economic recovery will come through industrial means by greater foreign trade
The GDP of Navarre could increase by 5.9% in 2021, and by 7.3% in 2022 (Spain: 6.5% and 7.0%). This would result in the creation of 11,000 jobs compared to the end of 2020, and a reduction in the unemployment rate by three tenths of a percentage point to 9.8% on average over the following year.
In the middle of this year 2021, official figures show strong growth in the construction sector, an annual rate of 9.5%. A strong advance was to be expected in 2Q21, given that a year earlier the sector contracted more than 20%.