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In October, the national unemployment rate was 9.7%. Employment growth showed a slowdown with respect to the growth rate observed in previous months. The commerce, artistic activities and public administration sectors were the most involved in job creation.

GDP growth forecast is revised moderately upwards to 4.6% in 2022 and 1.2% in 2023. The economy is holding up better than expected and the probability of recession is reduced. Activity will gain traction as NGEU funds are implemented and uncertainties dissipate, and will grow by 3.4% in 2024.

Aragon's GDP is expected to grow by 3,3% in 2022, although the current economic slowdown will continue in the coming quarters. Regional GDP is expected to grow by 0,6% in 2023, due to the fall in European demand, higher energy and transport pri…

Andalusia's GDP increased by 5,9% in 2021. But the war in Ukraine and sanctions reduce growth expectations. Thus, growth is expected to be 4,3% in 2022, but to decelerate in 2023 to 0,9%.

The lack of workers who can meet the demand for employment in Spain is one of the issues that seems to have the most sharp edges. In the short term, the consequences of the increase in unfilled vacancies may be significant for wages, inflation …

In September 2022, the national and urban unemployment rate were 10.7% and 10.4%, respectively, lower than in September last year, especially in urban areas. Compared to August, the unemployment rate, adjusted for seasonal factors, increased by 0.4 p. p. at the national level and decreased by 0.3 p.p. at the urban level.

Seasonality drove job creation (77,700) and contained the unemployment rate (12.7%). Seasonally adjusted figures (SWDA) show that employment fell (-0.1% QoQ), hours worked slowed (0.7%) and the unemployment rate rebounded (13.2%). However, temporary rate decreased (19.6% SWDA).

Navarre's GDP grew by 4.8% in 2021. But the war in Ukraine and sanctions reduce growth expectations. Thus, Navarre's GDP is expected to increase by 3.5% in 2022 and to slow down in 2023, when the increase will be 0.2%.

The GDP of the Valencian Community grew by 5.8% in 2021. But the war in Ukraine and the sanctions reduce growth expectations. Thus, the Valencian GDP is expected to increase by 4.3% in 2022 and to slow down in 2023, when the increase will be 0.…

Spain's GDP grew more than anticipated in the first half of 2022. The 2022 revision implies more dynamism in tourism and less in exports of goods and investment in capital goods. The islands remain the main drivers of growth.

Headwinds will slow economic growth in 2023. We revised down our growth estimate for 2023 to 0.6% (previously 1.6%), given lower growth of domestic demand in an environment of high inflation, higher interest rates and lower growth in the United States.

In August of this year, the national unemployment rate was 10.6% and the urban unemployment rate was 10.8%. In seasonally adjusted terms, compared to the previous month, the unemployment rate remained relatively stable at the national and urban levels. The labor market showed a weak improvement in August.