The economy of Castilla y León could grow by 5.2 percent in 2021, two tenths less than the June estimate given “the somewhat lower growth” than expected in the second quarter, according to the latest issue of the report ‘ Castilla y León Economic Forecasts’.
The report, prepared by Analistas Económica de Andalucía, a research company of the Unicaja Banco Group, foresees that employment will increase by 0.8 percent in the average of 2021, placing the unemployment rate at 12.2 percent.
For its part, estimates for 2022 point to greater growth in activity and employment , so that the Gross Domestic Product could grow 5.4 percent in the whole of next year, “recovering production to levels prior to the pandemic “, although the entity warns that ” downside risks persist. “
Unicaja Banco also foresees an increase in employment of 1.3 percent in 2022 while the unemployment rate would fall to 11.7 percent.
According to this report, from the demand side, private consumption and investment would register this year a growth of 5.4 percent and 7.5 percent, respectively, while, on the supply side, expects a generalized growth, except in the agricultural sector (-2.9 percent), more prominent in industry (6.3 percent) and services (5.4 percent).
Likewise, it is estimated that the number of employed people will grow by 0.8 percent in the average of 2021, reaching around 972,000 employed persons, around 7,300 more employed than in the average of 2020. For its part, the number of unemployed would increase around 2.5 percent and the unemployment rate could be 12.2 percent on the average for the year.
For next year, private consumption growth of 5.3 percent and an increase in investment of 7.5 percent are estimated, while the contribution of the foreign balance would improve. In addition, growth by sector will be generalized, with higher rates for the construction sector (6.1 percent) and services (5.6 percent).
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