The Government Council of Castilla y León has updated the data of the macroeconomic table for the period 2023-2027 in which it forecasts a growth of 3% for 2024, compared to the 1.7 initially estimated and which had been approved by the Independent Tax Accountability Authority. (AIReF) as realistic and prudent. For 2025, the growth estimate is set at 2% of GDP with an unemployment rate of 9.4% and a benchmark public deficit of 0.1%.
The Junta de Castilla y León has revised its growth forecast for 2024 upwards, setting it at 3%. For this update, general economic developments have been taken into account, the latest indicators available for the current year, as well as various assumptions linked to multiple monetary, financial, labor and economic variables. Thus, an increase in GDP of 3% is estimated for 2024, compared to the initial forecast of 1.7% which accompanied the budgets currently in force, and which had been ratified by the AIReF, and an unemployment rate of 9 .7%.
The Minister of Economy and spokesperson for the Council, Carlos Fernández Carriedo, clarified that this update is “fully consistent” with the evolution of economic data addressed in regional accounting and highlighted as the main causes of this increase in economic growth the “favorable” evolution of industry and the increase in exports, to which he added data from the agricultural sector which indicate a good harvest .
Likewise, the Government Council analyzed the figures from the macroeconomic table corresponding to the period 2023-2027, in which it forecasts a growth in regional Gross Domestic Product (GDP) of 2% and an unemployment rate of 9.4 for the year 2025.%.
This macroeconomic scenario estimates a reference public deficit for 2025 at 0.1%. On the other hand, the Community closed the second quarter of 2024 with a debt, according to the Bank of Spain, of 18.8% of Gross Domestic Product (GDP). This ratio is 3.1 percentage points lower than the regional average of 21.9%.
This macroeconomic scenario analyzed today by the Governing Council was developed taking into account the current circumstances of the international and national economic environment and an environment subject to a high degree of uncertainty. On the other hand, inflation has begun a process of gradual deceleration, which has made it possible to initiate a less restrictive monetary policy, by reducing reference interest rates, even if current financing conditions remain strict and represent a brake on private consumption and inflation. investment.
