Navarra, although a relatively small region in Spain, has one of the most advanced economies in the country that is stable with moderate inflation and fully integrated into the EU.
In 2016, Standard & Poor’s holds Navarra’s rating to ‘A‘, two levels above Spain’s rating (BBB+) in view of the expected improvement in the economy and the budgets approved. The rating agency considers that Navarra will resist the pressure on sovereign debt better thanks to its financial autonomy.
Growth forecasts for the region’s Gross Domestic Product (GDP) for 2016 are 2.6% .
Navarra, with a per capita GDP of € 28,682 in 2015, is in third place among the Spanish regions.
GDP Mill. €
Annual Average Increase Rate
Annual Growth Rate GDP
GDP per capita €
2nd SEMESTER 2012
2nd SEMESTER 2015
The unemployment rate in Navarra is the lowest in Spain: 13.5% in the second semester of 2015, down from a peak of 17.2% in 2012.
STRUCTURE OF THE ECONOMY
Navarra is the fifth Spanish region in terms of industrial activity. It represents 25.7% of the country’s GDP in this sector, almost 13 points above the Spanish average.
Most of the region’s industrial companies, characterized by their high levels of technology and strong export vocation, belong to the two most important activity sub-sectors in its economy, Automotive and Machinery & Equipment. These sub-sectors and a third – the agrifood sector – account for more than half of the industrial GAV of Navarra.
In recent years exports from Navarra have shown strong growth. Total exports of goods in 2015 were valued at 8,460.5 million euros, up from 8,099.5 million euros in 2012. It´s a 3.9% more than past year.
The main export markets are the European Union and America, and the main sectors are Automotive, Capital Goods and Semi-Processed Products.