The economy enters 2024 with solid steps and will grow by 3%

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The economy enters 2024 with solid steps and will grow by 3%

No recession, or the impact of interest rates or inflation, or the collateral damage of armed conflict. The economy of Castilla y Leon emerges with concrete steps in 2024 and for the first time in more than two years, all manufacturing sectors of Castilla y Leon grew compared to the previous year. The agricultural sector, industry, construction and services increased GDP by more than two percent in the first quarter of the year, generating nearly 18,000 million euros between January and March, setting the regional economy’s growth at 3%. Leaving behind the 2.7% growth that the community closed last year, as explained by the consultant of the Economy, the Gross Domestic Product of Castilla y León shows that the GDP of Castilla y León continues to grow in 13 quarters and Finances, Carlos Fernández Garrido, during the regional accounting presentation for the first quarter. Fernández Garrido took this opportunity to put the regional figures in perspective, saying that the 3% growth in GDP in Castilla y León was “clearly higher” than the national average -2.6 percent, the European average -0.5 percent – and that in the Eurozone -0.4 percent–.

The situation is particularly positive in the agriculture sector, which, after being in the red for more than eight quarters, reversed the endless downward trend in the first quarter of 2024 and registered a growth of 11.9 percent. However, this is a numerical ‘wound’ because, as Fernández Garrido recognized a few weeks ago, it is “almost impossible” for the sector to continue falling after two years of decline. “This is natural in an environment where we have had two very negative years in the behavior of agriculture.”

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– Photo: Ical

Along with rural areas, the service sector proved once again the reliability of Castilla y León’s best economic and labor muscle, with year-on-year growth of 2.9 percent, while the hospitality sector rebounded by almost four percent. Closely linked to this, Fernández Garrido focused on the good progress in family final consumption expenditure, which is already higher than that of public administrations, with an increase of 2.6%. Already lagging behind with “more good figures” are industry and services, which rose 2.2 percent between January and March – although the manufacturing industry was only up 1.1% – while exports increased by 2.4 points.

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