Navarra’s economy grows 6.5% in the first quarter compared to 2021

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Industrial activity, the construction sector and essentially market services reflect the most favorable evolution of the period, with the hotel sector and administrative activities and support services showing the greatest dynamism.

Euskaraz irakurri: Nafarroako ekonomia % 6.5 hazi da lehen hiruhilekoan 2021aren villagen

The gross domestic product in Navarra grew by 6.5% in the first quarter of 2022 compared to the same quarter of the year 2021, from 4.9% in the previous quarter.

This estimate confirms that obtained during the progress of the quarterly accounts of Navarre, carried out by Nastat, the Institute of Statistics of Navarre, that the growth in that period was 6.3% in Spain and 5.6% in the EU-27. treasure.

The industrial activity (7.4%), the construction sector (6.8%) and the fundamental market services (9.3%) reflect the most favorable evolution of the period, with hotels and administrative activities and service employees showing the greatest dynamism.

In the first quarter, agriculture moderated the growth rate to 2.8% compared to the same quarter of the previous year and non-market services recorded an increase of 0.2%.

Turning to demand, consumer spending growth is being dampened by both the moderation in household consumption and private consumption, which stands at 4.4% from 4.7% forecast in the previous quarter, and lower dynamics of government service consumption, or government consumption, which estimates annual growth at 1.3%.

The investment or gross capital formation accelerates the advance to 6.8%. Exports rose by 5.9%, driven by the dynamism of industrial activity, and imports by 2.9%.

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Source: EITB

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