The economy of Aragon continues and records a favorable development for exports and employment despite the international context and the inflationary monetary policy implemented by the European Central Bank.
This resilience of the economy of the Aragonese community was manifested above all in the limited impact of this context on employment and growth, which in turn translated into a reduction of inflation from 9% in 2022 to 3% in 2023.
According to the report, Aragon maintained economic growth of 2.8% in 2023. An evolution aligned with the growth rate of the United States and higher than the European average of 0.6%. A development achieved despite the difficulties which affected credit, particularly in the mortgage market, and the consumption of durable goods.
Aragon also stands out for the evolution of employment. The unemployment rate stands at 8.58% at the end of 2023being lower than the national average of 12.19%. With this figure, the community It is the third country with the lowest unemployment rateplacing it behind the Basque Country and Cantabria. The decrease in unemployment was 10.07% compared to the previous year. In addition, the active population increased by 0.75%with the exception of the province of Huesca where there was a decrease of 0.45% due to the decline in indigenous assets.
Exports are another of the strong points of the Aragonese economy and have allowed it to maintain its vigor and resilience. In 2023, he was beaten again export record even though, for the first time since 2006, there was a trade balance deficit for capital goods acquired through the establishment of new companies during the year in Zaragoza, which is the only province of Aragon to record this deficit. However, despite this imbalance, Aragon’s average productivity continues to improve.
Aragon also stands out in produced per capita –this is the fifth autonomy-, apart from maintain the average profitability of companies at a positive level, reaching 4.98% in 2023.
Among the challenges that the Aragonese economy is ahead highlights the public debtwhich remains at high levels, as well as the productivity improvement in certain sectors which have not yet reached the previous levels of 2006. It is also necessary pay attention to the foreign trade deficitwithout ignoring global uncertainties.
