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… grows by 0.8% MoM in October, slightly below the average since 2010 (0.9% MoM). With the creation of 173 thousand formal jobs, October ranks as the fourth-highest figure since 1998. However, it stands 1.2 percentage points below the average year-on-year growth observed in 2021 and 2022.
Job creation in October (+150,000) was lower than consensus expectations (180,000), indicating a slowdown despite solid real GDP growth in previous quarters (4.9% in the third quarter of the year, SAAR).
The formal job creation continues to show strength, with a year-on-year growth of 3.4% in September; in cumulative figures from January to September 757K new jobs have been created, the fourth-highest since 1998.
Cantabria's economy will grow by 2.0% in 2023, and will accelerate to 2.5% in 2024. This will allow a return to the pre-pandemic GDP level this year.
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, Asturi…
In June, formal employment slowdown, reaching one of its lowest levels since 1998. Despite this, in cumulative figures from January to June, it represented a growth of 2.4%, a 0.2pp increase compared to the previous year, indicating strength in the labor market.
Good year in terms of employment growth and unemployment reduction for Colombia in 2022. In the main cities, the unemployment rate was reduced with respect to 2021.
Growth expectations and the macroeconomic environment for 2023 set a less encouraging scenario for job creation in 2023. We expect 527K new jobs to be created by the end of the year, equivalent to a year-on-year growth rate of 2.5%.
Cantabria's GDP grew by 5,3% in 2021. But the war in Ukraine and sanctions reduce growth expectations. Thus, Cantabrian GDP is expected to increase by 3,3% in 2022 and to slow down in 2023, when the increase will be 0,7%.
Seasonality boosted employment (383,300) and the unemployment rate fell (12,5%). Seasonally adjusted figures show that job creation was modest (0,6% quarter-on-quarter), but hours worked increased (1,1%) and unemployment and temporary rates fel…
Madrid's GDP grew by 5,0% in 2021. But the war in Ukraine and sanctions reduce growth expectations. Thus, Madrid GDP is expected to increase by 4,3% in 2022 and 2,6 in 2023%. By the end of 2023, GDP could recover the level of 2019.
The economy slowed in 4Q21 (2.2% q/q), but the composition of demand was virtuous. Specifically, growth was supported, above all, by investment and exports. Thus, 2021 closed with an annual increase of 5.1%, confirming BBVA Research forecasts
