Aragón
According to CaixaBank Research estimates, Aragón’s GDP will grow by 2.7% in 2025, slightly less than the Spanish economy as a whole (2.9%). Aragón’s economy is being supported by domestic demand, buoyed by a strongly performing labour market. Despite the upturn in industrial activity, exports are being held back by the sluggishness of our euro area partners.
Regional economic structure and position
- Aragón has 1.35 million inhabitants and is the eleventh largest region in the country, as it accounts for 2.8% of the total population.
- The region’s GDP (49.293 billion euros) represents 3.1% of the national total, putting it in tenth place in the overall ranking.
- Aragón’s GDP per capita (36,446 euros) is one of the highest in the country and 11.7% above the Spanish average. Its relative position has improved in recent years, thanks to the region’s economic growth, but also due to its low demographic dynamism.
- Aragón’s productive sectors are notable for the high relative importance of the extractive industry (8.1% of GDP vs. the national average of 4.2%), and manufacturing (17.0% vs. 11.9%), in particular the motor vehicle and food industries – in addition to machinery, paper, metal, electronics and the chemical industry – and agriculture (5.9% vs. 2.7%). However, of less importance are trade, transportation, hotels and restaurants, and leisure (23.8% vs. 28.1%) and industry-related services (21.7% vs. 29.7%).
- The region stands out for being highly export-oriented: exports of goods account for 34.0% of GDP, the third highest percentage of all regions and far above the Spanish average (24.1%). In 2024, it exported goods worth 16.767 billion euros, 4.4% of all Spanish exports. The main goods exported are chemical products (9.7% of the total), food (22.6%) – chiefly meat – and products from the motor vehicle industry (27.7%); it should be noted that 35% of domestic appliances and almost 20% of meat exported by Spain comes from Aragón.
Table of structural indicators
| 1994 | 2004 | 2014 | 2024 | ||
|---|---|---|---|---|---|
| GDP per capita | Euros | 11,710 | 21,676 | 24,557 | 36,446 |
| 100 = Spain | 109.8 | 108.0 | 109.8 | 111.7 | |
| Population | Thousands of inhabitants | 1,196 | 1,255 | 1,326 | 1,353 |
| Average annual growth in the decade (%) | 0.0 | 0.5 | 0.5 | 0.2 | |
| % of the total in Spain | 3.0 | 2.9 | 2.9 | 2.8 | |
| % of population > 65 years old | 19.4 | 20.5 | 20.9 | 22.8 | |
| Exports of goods as a proportion of GDP | % | … | 26.1 | 28.8 | 34.0 |
Macroeconomic situation
According to CaixaBank Research estimates, Aragón’s GDP will grow by 2.7% in 2025, slightly less than the Spanish economy as a whole (2.9%). Aragón’s economy is being supported by domestic demand, buoyed by a strongly performing labour market. Despite the upturn in industrial activity, exports are being held back by the sluggishness of our euro area partners.
For 2026, our forecasts indicate that GDP will grow by 2.0%, similar to the national average (2.1%). Financing costs remaining at moderate levels and positive trends in employment, wages and inflation, will boost consumption. Meanwhile, the roll-out of the NGEU funds will support industrial activity, with major investments announced in sectors such as the motor vehicle industry, logistics, agro-industry, renewable energies and data centres. The downside continues to be exports, which may be affected by a weak euro area and higher tariffs.
The trend for employment in the region is positive, albeit somewhat less dynamic than it is across the country: last year, the number of registered workers affiliated to Social Security rose by 2.1% (2.4% in Spain), while in October 2025 it increased by 2.2% year-on-year (vs. 2.4%); job creation in education, construction and transportation has been outstanding over the last year. Meanwhile, the unemployment rate is far below the national average: in Q3 2025 it stood at 8.5%, 2 points lower than across Spain as a whole.
In 2025, consumption has picked up again in Aragón, after several years of modest growth that were below the average for the country. The weak rise in the volume of sales of retail and consumer goods in 2024 (1.7% vs. 2.1% in Spain) has been followed by a strong upturn so far in 2025, with cumulative growth of 3.8% year-on-year up to September. However, passenger car registrations recorded the worst figures of all regions: after falling by 12.1% in 2024 (7.1% on average), they grew by just 2.2% year-on-year in January-October 2025 (vs. 14.9%), so it is one of the regions furthest adrift of 2019 levels (–29.9% vs. –9.4%).
Industrial production is performing better than the national average. Last year, it recorded one of the highest regional growth rates (2.5% vs. 0.7% in Spain), mostly thanks to consumer durables. This year’s growth rate has risen sharply to 3.3% year-on-year up to September, three times faster than in the whole of the country.
Aragón’s exports of goods are performing more weakly than in Spain as a whole. In 2024, they fell by 4.9% (vs. 0.2%), hampered by capital goods – especially industrial machinery – and in particular, the motor vehicle industry, although there was an upswing in sales of consumer goods. This year (with figures up to August), their decline has worsened dramatically (–12.7% year-on-year vs. 0.3%), largely due to the sharp downturn in exports from the motor vehicle industry.
Table of indicators
| 2014-2019 average | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Latest figure | ||
|---|---|---|---|---|---|---|---|---|---|
| Activity and prices | Real GDP | 2.1 | –8.5 | 5.5 | 3.6 | 1.2 | 3.3 | 2024 | |
| (% year-on-year change) | 2.8 | –10.9 | 6.7 | 6.4 | 2.5 | 3.5 | |||
| Retail trade |
2.2 | –2.9 | 3.2 | –3.1 | 1.0 | 1.7 | 3.8 | September-25 | |
| (% cumulative annual change) | 2.3 | –5.2 | 3.6 | 0.8 | 2.9 | 2.1 | 3.9 | ||
| Industrial production index | 1.6 | –8.3 | 3.4 | 5.5 | 1.5 | 2.5 | 3.3 | September-25 | |
| (% cumulative annual change) | 1.8 | –9.2 | 7.1 | 2.3 | –1.6 | 0.7 | 1.1 | ||
| Service activity index | 4.2 | –11.1 | 17.7 | 15.9 | 1.0 | 0.2 | 4.5 | August-25 | |
| (% cumulative annual change) | 5.1 | –15.6 | 22.0 | 18.3 | 2.2 | 3.0 | 4.3 | ||
| Consumer price index | 0.6 | –0.5 | 3.4 | 9.0 | 3.0 | 2.8 | 3.2 | September-25 | |
| (% year-on-year change) | 0.7 | –0.3 | 3.1 | 8.4 | 3.5 | 2.8 | 3.0 | ||
| Labour market | Registered workers affiliated to Social Security | 2.8 | –1.5 | 1.5 | 2.3 | 2.3 | 2.1 | 2.2 | October-25 |
| (% year-on-year change) | 3.2 | –2.1 | 2.5 | 3.9 | 2.7 | 2.4 | 2.4 | ||
| Registered workers affiliated to Social Security not affected by furlough |
2.8 | –6.4 | 5.3 | 4.6 | 3.1 | 2.7 | 2.7 | October-25 | |
| (% year-on-year change) | 3.2 | –9.2 | 7.3 | 7.3 | 3.4 | 2.7 | 2.6 | ||
| Unemployment rate | 13.9 | 11.7 | 10.3 | 9.6 | 8.6 | 8.1 | 8.5 | Q3 2025 | |
| (% working population) | 18.8 | 15.5 | 14.9 | 13.0 | 12.2 | 11.3 | 10.5 | ||
| Unemployment rate for under 25s | 36.4 | 28.2 | 25.4 | 24.4 | 22.2 | 23.4 | 29.7 | Q3 2025 | |
| (% working population 25) | 42.5 | 38.3 | 44.5 | 24.4 | 28.8 | 24.1 | 25.4 | ||
| Public sector | Public deficit | –1.2 | 0.3 | –0.1 | –0.8 | –0.7 | 0.3 | –1.0 | Q2 2025 |
| (% of GDP) | –0.9 | –0.2 | 0.0 | –1.1 | –0.9 | –0.1 | –0.9 | ||
| Autonomous Communities public debt |
20.8 | 24.3 | 23.4 | 20.6 | 19.7 | 18.9 | 18.5 | Q2 2025 | |
| (% of GDP) | 23.9 | 26.9 | 25.3 | 23.1 | 21.7 | 21.1 | 21.0 | ||
| Real estate market | Housing prices | 3.3 | 2.6 | 3.8 | 6.4 | 3.9 | 10.2 | 13.7 | Q2 2025 |
| (% year-on-year change) | 5.3 | 2.1 | 3.7 | 7.4 | 4.0 | 8.4 | 12.7 | ||
| Housing sales |
10.7 | –13.2 | 28.7 | 12.1 | –9.5 | 8.6 | 21.8 | August-25 | |
| (% cumulative annual change) | 9.7 | –16.9 | 34.8 | 14.8 | –10.2 | 9.7 | 16.1 | ||
| Foreign sector and tourism | Exports of goods | 7.3 | 0.2 | 7.7 | 13.9 | 7.3 | –4.9 | –12.7 | August-25 |
| (% cumulative annual change) | 3.9 | –9.4 | 20.1 | 22.9 | –1.4 | 0.2 | 0.3 | ||
| Tourist overnight stays |
6.4 | –50.6 | 48.8 | 35.5 | 1.3 | 2.8 | 2.0 | September-25 | |
| (% cumulative annual change) | 3.0 | –69.2 | 78.3 | 73.3 | 7.1 | 4.3 | 1.5 | ||
| Source: CaixaBank Research, based on data from the National Statistics Institute (INE), the Bank of Spain, the Ministry of Labour, Migration and Social Security (MITRAMISS), the Ministry of Finance and DataComex. | |||||||||
Regional comparison
Below we show a series of charts comparing the main indicators for the various regions.
Exports of goods from Aragón
| TOTAL | To the US | ||||||
|---|---|---|---|---|---|---|---|
| Millions of euros | % total exports in region | % exports from sector in Spain | Millions of euros | % total exports in region to US | % exports from sector in Spain to US | % exports from sector in region | |
| Food | 3,783 | 22.6 | 5.3 | 45 | 18.9 | 1.3 | 1.2 |
| Meat | 2,485 | 14.8 | 20.0 | 7 | 2.9 | 3.3 | 0.3 |
| Dairy and eggs | 85 | 0.5 | 3.4 | 0 | 0.2 | 0.3 | 0.4 |
| Fish | 73 | 0.4 | 1.4 | 1 | 0.4 | 0.3 | 1.2 |
| Cereals | 61 | 0.4 | 9.8 | 0 | 0.0 | 0.4 | 0.1 |
| Fruit and pulses | 420 | 2.5 | 1.7 | 9 | 3.9 | 1.5 | 2.2 |
| Sugar, coffee and cocoa | 36 | 0.2 | 1.1 | 0 | 0.1 | 0.2 | 0.9 |
| Processed foods | 265 | 1.6 | 4.0 | 11 | 4.7 | 2.9 | 4.2 |
| Beverages | 100 | 0.6 | 1.9 | 12 | 4.9 | 2.9 | 11.5 |
| Tobacco | 0 | 0.0 | 0.0 | 0 | 0.0 | 0.0 | - |
| Fats and oils | 74 | 0.4 | 0.9 | 0 | 0.2 | 0.0 | 0.6 |
| Seeds and oleaginous fruits | 11 | 0.1 | 5.5 | 0 | 0.0 | 0.0 | 0.0 |
| Animal feed | 173 | 1.0 | 8.6 | 4 | 1.6 | 19.7 | 2.2 |
| Energy products | 85 | 0.5 | 0.3 | 0 | 0.0 | 0.0 | 0.0 |
| Commodities | 186 | 1.1 | 2.2 | 7 | 2.8 | 2.4 | 3.5 |
| Animals and vegetables | 117 | 0.7 | 3.3 | 5 | 2.1 | 3.0 | 4.3 |
| Minerals | 70 | 0.4 | 1.4 | 2 | 0.6 | 1.4 | 2.2 |
| Semi-finished goods | 2,894 | 17.3 | 2.9 | 41 | 17.5 | 0.7 | 1.4 |
| Non-ferrous metals | 147 | 0.9 | 1.7 | 0 | 0.2 | 0.4 | 0.3 |
| Iron and steel | 257 | 1.5 | 2.8 | 2 | 0.6 | 0.4 | 0.6 |
| Chemical products | 1,629 | 9.7 | 2.6 | 25 | 10.5 | 0.7 | 1.5 |
| Paper | 611 | 3.6 | 12.1 | 9 | 3.7 | 4.3 | 1.4 |
| Construction materials | 142 | 0.8 | 1.8 | 4 | 1.9 | 0.4 | 3.1 |
| Tyres and inner tubes | 36 | 0.2 | 1.0 | 0 | 0.0 | 0.0 | 0.0 |
| Capital goods | 2,478 | 14.8 | 3.3 | 101 | 42.9 | 1.9 | 4.1 |
| Industrial machinery | 943 | 5.6 | 5.0 | 73 | 31.2 | 4.2 | 7.8 |
| Office and telecommunications eq. | 100 | 0.6 | 1.9 | 3 | 1.1 | 1.4 | 2.6 |
| Transport equipment | 465 | 2.8 | 2.7 | 9 | 3.6 | 1.7 | 1.8 |
| Engines | 14 | 0.1 | 0.4 | 0 | 0.2 | 0.1 | 2.6 |
| Electrical appliances | 643 | 3.8 | 4.1 | 13 | 5.5 | 1.0 | 2.0 |
| Precision equipment | 67 | 0.4 | 2.2 | 2 | 0.8 | 0.8 | 3.0 |
| Motor vehicle industry | 4,641 | 27.7 | 8.7 | 7 | 2.9 | 1.3 | 0.1 |
| Consumer durables | 900 | 5.4 | 15.1 | 22 | 9.2 | 8.4 | 2.4 |
| Domestic appliances | 651 | 3.9 | 35.1 | 20 | 8.5 | 38.6 | 3.1 |
| Consumer electronics | 5 | 0.0 | 1.5 | 0 | 0.0 | 2.4 | 2.0 |
| Furniture | 196 | 1.2 | 6.3 | 1 | 0.5 | 0.6 | 0.6 |
| Consumer goods | 1,729 | 10.3 | 5.0 | 12 | 5.0 | 0.9 | 0.7 |
| Textiles | 931 | 5.6 | 4.9 | 9 | 3.8 | 3.0 | 1.0 |
| Footwear | 444 | 2.6 | 12.1 | 1 | 0.3 | 0.4 | 0.2 |
| Toys | 99 | 0.6 | 5.4 | 0 | 0.1 | 0.4 | 0.2 |
| Pottery | 1 | 0.0 | 1.2 | 0 | 0.0 | 0.0 | 0.2 |
| Jewellery and watches | 35 | 0.2 | 3.0 | 1 | 0.4 | 0.8 | 3.0 |
| Leather and leather goods | 13 | 0.1 | 2.4 | 0 | 0.0 | 0.0 | 0.0 |
| Other goods | 69 | 0.4 | 0.9 | 2 | 0.7 | 1.8 | 2.5 |
| TOTAL | 16,767 | 100.0 | 4.4 | 235 | 100.0 | 1.3 | 1.4 |
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Note: Figures from 2024. Source: CaixaBank Research, based on data from DataComex. |
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