The Regional Ministry of the Economy and Knowledge has presented the Andalusia Economic Report 2016. The main objective of this analysis is to study the evolution of the Andalusian economy in the last financial year, in a global context.
The global economy slowed down in 2016 as a result of the loss of dynamism in the most developed economies. This context is permeated by situations such as the UK's decision to leave the EU, the result of the US elections, etc.
According to the IMF, world GDP grew by 3.11GDP3T, three tenths of a percentage point less than in the previous year. The developing economies where the greatest dynamism was recorded were Asia, with growth of 6.41GDP3T, China and India. The US grew by 1.6%, one point less than in 2015.
World Trade and Forecasts
Another piece of information provided by the Andalusia Economic ReportWorld trade volume in goods and services slowed to 2.2%, according to the IMF. The explanation for this slower growth comes from the advanced economies which halved their export growth rate (2.1% in 2016 and 3.7% in 2015). Purchases from developing economies, however, recovered positive rates (1.9% in 2016 and -0.8% in 2015).
The IMF forecasts that global GDP will increase by 3.5% in 2017, four tenths of a percentage point more than in 2016. In the growth economies it will reach 2%. The US will increase its growth rate to 2.31GDP3T, and Japan to 1.21GDP3T. The Eurozone will maintain it at 1.71 Q3YP3T.
And in Spain?
In 2016 there was a real increase of 3.2% over the previous year, which means 3 consecutive years of positive values. The employed population increased by 2.7% in 2016 and decreased the unemployment rate by 11.4%, standing at 19.6% of the active population, 2.5 points lower than in 2015.
The Andalusia Economic Report shows that the Andalusian economy recorded a real GDP increase of 2.91GDP3Q3, representing 3 consecutive years of growth.
In practically all sectors, the economy grew, except in construction (-0.6%). The strongest growth was in the primary sector (4.3%), followed by the services sector (3.1%).
Therefore, in 2016 the Andalusian economy continued to consolidate the cycle of economic growth and job creation initiated in 2014, with a differential dynamism with respect to its European environment, which is allowing it to resume the convergence process interrupted in the years of crisis.
