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 2018, Standard & Poor’s improve Navarra’s rating to ‘A+‘, two levels above Spain’s rating (A-) in view of the expected improvement in the economy and the budgets approved. An improvement that also places a positive outlook for the future, and which is attributes to good financial management and the tendency to reduce the high public debt.
Growth forecasts for the region’s Gross Domestic Product (GDP) for 2018 are 3.3% .
Navarra, with a per capita GDP of € 30,914 in 2017, is in third place among the Spanish regions.
GDP Mill. €
Annual Growth Rate GDP
GDP per capita €
2nd SEMESTER 2012
2nd SEMESTER 2018
The unemployment rate in Navarra is the lowest in Spain: 9.9% in the second semester of 2018, 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 29% of the country’s GDP in this sector, almost 15 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 2017 were valued at 8,073 million euros, up from 8,437. million euros in 2016. It´s a 4.9% less 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.