Inflation, according to the Laboral Kutxa forecast, will grow by around 4% in the Basque Country and in the Foral Community, while unemployment could record a slight upward correction. However, they are forecasts made in an environment “of high uncertainty”, the entity points out.
Euskaraz irakurri: EAEko BPGa % 1.3 haziko da 2023an, eta Nafarroakoa % 1.2, Laboral Kutxaren aurreikuspenaren arabera
The Gross Domestic Product (GDP) of the Basque Autonomous Community (CAV) will grow 1.3% in 2023while that of Navarre will grow 1.2%according to Economic forecast of Laboral Kutxa. This Thursday, the entity presented its 2023 forecast report for the Basque economy, and, as detailed by Joseba Madariaga, the director of the Laboral Kutxa Studies Department, the estimate for the inflation is that it experiences growth of around 4% in Hego Euskal Herria, while the unemployment could record “a slight upward correction.” Of course, the forecasts, Madariaga pointed out, have been made in an environment “of high uncertainty”, given the possibility of changes in the coming months.
For the Spanish State as a whole, Laboral Kutxa forecasts that the economy will grow by 0.8% in 2023. The estimate of GDP growth for the end of 2022 rises to 4.2% in the Basque Country and 4.1% in Navarra, and in Spain it reaches 5.3%. The report, with respect to the forecasts presented in the previous study, published in summer, presents a “significantly upward” correction in terms of those expected for 2022 (they were 3.6% for the Basque Country), and, on the contrary, “significantly downward” in regards to what was calculated for 2023, which is stood at 2.7%. Madariaga has placed the duration of the war in Ukraine and its consequences in terms of energy among the causes that originate these corrections.
In addition, Laboral Kutxa, in its report, points out that the economy in the euro area falls by one tenth, as a result, among other factors, of the 0.7% drop expected in Germany and 0.1% in Italy, which condition the European economy , like the small growth expected for France, of one tenth.
Laboral Kutxa estimates, in its report, that the data for the end of 2022 will show a “slowdown” in the Basque economy in relation to what occurred in the first half of the year, estimating growth of 0.1% , which will place the GDP of the BAC very close to the levels of three years ago, at the end of 2019, just before the pandemic. It has placed the labor market as a “strength”, which presents a number of affiliated people “at maximum”, with an unemployment rate of 8.3%, “one of the lowest among all the autonomous communities”.
Prices, Madariaga explained in the presentation, will mark a rise of 8.5% in the euro area in 2022, and in 2023, as an annual average, they will grow 6.3%, a rate higher than the estimated 4.1% for the United States, which could lead to additional increases in interest rates, as indicated.
Source: Eitb
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