Navarra’s economy accelerates in the first quarter of the year

21 de May de 2024

The economy of Navarre has shown
remarkable growth in the first trimester of 2024, with an increase in GDP of
0.8% over the previous trimester and a year-on-year growth of 2%, as reported
by the Statistical Institute of Navarre (NASTAT). At a press conference, the
Minister of Economy and Finance, José Luis Arasti, highlighted this evolution
as a sign of the “strength of the Navarre economy” in a challenging
international context, and underlined the better economic performance of
Navarre compared to countries such as France and Germany.

The boost in private consumption,
driven by the increase in the purchasing power of households, salary increases,
and the moderation of inflation, has been fundamental for the growth of the
GDP. External demand has also experienced a significant rebound with an
increase in exports. The industrial sector and the leisure and tourism
activities have seen a reactivation, contributing positively to the economy.

The labor market has seen improvements,
with employment at record highs and an increase in Social Security affiliation.
The 2022 labor reform has helped to reduce temporary and long-term

About inflation, the general
tendency has been downward. Internationally, after a period of contraction, the
Eurozone is showing signs of recovery. 

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