According to the report 'Aragón Situation 2025' from BBVA Research, presented on Wednesday, February 26, in Zaragoza by Miguel Cardoso, chief economist of BBVA Research for Spain, and by Marta Alonso, director of the northern territorial area of BBVA in Spain, the growth of the Aragonese economy showed great dynamism in 2024. This growth was driven by the good performance of domestic demand, particularly private consumption and tourism.
Looking to the future, a deceleration is expected due to the weak recovery in Europe, uncertainties in the external sector stemming from changes in global tariff policies, and the start of the application of fiscal rules in the eurozone. However, there is an upside bias in these forecasts if the strength of internal demand in Spain persists.
Regarding employment, after strong growth in 2023, mainly in public services and commerce, these same sectors continued to lead labor dynamism in 2024. Labor markets are strengthening, driven by increased spending from foreign tourists, and population aging could affect consumption growth.
In the consumer sector, price stability positively influences the purchasing power of wages, and the reduction of interest rates is expected to continue promoting consumption and investment. However, spending on technology, fashion, and books has shown a significant decline.
Exports in Aragón show a mixed evolution between goods and services and a trend towards gradual deceleration. The Aragonese GDP is expected to increase by 2.2% in 2025 and 1.8% in 2026, supported by the containment of energy and food costs.
Investment in the region is expected to maintain some dynamism in 2025, despite the challenges envisaged by BBVA Research. The uncertainty in the industry due to energy costs, issues in the automotive sector, and stagnation in European demand are highlighted. The lack of investment, especially in housing, represents an obstacle to economic growth in urban areas.
Finally, it is noted that despite the growth in the foreign active population and the hiring of nationals, the increase in visas for new housing remains insufficient to meet the housing needs in the region.
