The Spanish region of Andalucía expects to see job creation continue through 2023 despite the slowdown in the economy
The forecast takes into consideration the complicated environment marked by the war in Ukraine, high inflation, and interest rate hikes.
This report is from the data collected from number 109 of the Andalucian Economic Forecast Report prepared by Andalucian Economic Analysts, the research service of Unicaja Banco.
According to the report (released on September 23, 2022), economic analysts estimate that the community will register growth this year of 4.2% (the same as forecast in June and similar to Spain’s, which exceeds 4%) and 1.6% in 2023.
It is also in line with what the different organisations anticipate at the national level (GDP advances below 2%).
The figures are somewhat lower than what the Junta de Andalucía forecasts (1.9%), “in a context of high uncertainty, in which the risk of recession for the main world economies has increased”,
Perhaps surprisingly, and despite the slowdown, the report does not anticipate job losses. In terms of the Active Population Survey (EPA), employment will still grow by 1.3% in 2023, which means that just over 40,000 jobs will be generated in the whole of the following year.