The Galician economy recorded a growth in economic activity of 0.5% during the third quarter of the year compared to the months of April to June, a moderate growth driven by external demand -that is, its export capacity- which compensates for lower performances in other areas, as indicated in the socio-economic situation report presented yesterday by the Galicia Economic Forum.
Therefore, the rest of the year places the annual growth of Galician GDP of 2.5%. In both cases, lower than the estimates expected for the whole of Spain. Concretely, the quarterly growth is three tenths lower than the estimate for the entire state, while in annual terms this means that the Galician economy is growing six tenths below the Spanish economy.
The same is not true in the European Union as a whole, where growth is weaker – 0.2% year-on-year in the third quarter and 0.8% year-on-year – due, in large part, to of the slowdown in growth of the German economy. and its main commercial partners. Indeed, the German executive plans to close the year with a drop of 0.2% in its GDP – which would mean two consecutive years of recession – while France plans an increase of 1%, Portugal of 1. 5% and Italy 0.9%.
In the case of Galicia, the exports They constituted the main economic engine, with a 6% increase compared to the previous year against 2.1% of imports, which contributed 2.4 points to overall GDP growth. However, domestic demand – household consumption, public spending and investment – shows a less rosy side of the Galician economy, with a contribution to GDP of only a tenth, the lowest figure since the reactivation after the pandemic in 2021. one contraction of 0.9% in family spending and the two-tenths drop in investments.
A scenario opposite to that presented by the Spanish economy as a whole, where domestic demand represents a contribution to GDP of 2.4 points while external demand adds only seven tenths to overall economic activity. By comparing the behavior of the economy in relation to supplyhasGalicia is also not doing well compared to Spain as a whole. This is evidenced by its contraction of 2% in the primary sector and 1.3% in the manufacturing industry – while industry in general is increasing – due to its low productivity compared to the growth of these sectors overall. of the state. Nor in the services sector, with added value growth of 2.4% compared to the 3.7% recorded in Spain.
“Shadows” in employment
Although the report of the Galician Economic Forum indicates that the Community labor market presents a “positive overall balance”also recognizes “significant shadows” in the indicators analyzed, notably in the employed population, which only increased by three tenths compared to the 2.5% recorded the previous year.
In fact, the report highlights “structural problems of the labor market” Galicianwhich places it among the autonomous communities with the lowest employment and activity rates, as well as the least dynamism in job creation compared to those of the state as a whole.
“Despite the increase in Galician GDP by 2.5%, one point more than the previous year’s estimates, three of the four employment indicators present growth rates significantly lower than those of the previous year “, indicates the report which also highlights that employment is only increasing. in men while it decreases in women.
On the other hand, Social Security affiliations performed better, with growth of 1.8%, or a tenth more than in 2023. Likewise, data from the Labor Force Survey (EPA) show that , despite the slowdown in the growth of the active population, the growing trend in recent years-a growth of 0.5% which contrasts with 1.5% for the whole of Spain-. Regarding unemployment, EPA data shows an increase in the unemployed population in Galicia during the last quarter (2.2%).
