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Valencian economy set to slow down

THE Valencian Chamber of Commerce has predicted that 2020 will see a slow-down in growth across the Valencian Community, although…

By Simon Russell , in Costa Blanca North , at January 16, 2020

THE Valencian Chamber of Commerce has predicted that 2020 will see a slow-down in growth across the Valencian Community, although overall the situation is still described as stable. They predict the growth of between 1.5% and 2% next year, slightly less than the Spanish average and down from the 2019 figures of 2.1%. Foreign trade is expected to be impacted by Brexit and there will be less new housing built while conditions in the automobile sector remain uncertain, especially at the giant ford plant in Valencia, the regions’ biggest private employer.

Tourism is not predicted to be hit, and neither are heavy industry or services. Regarding tourism, although overall the figures are expected to be good it may be that the Alicante area continues to see falls while Valencia province continues to see strong growth. Again, Brexit has been blamed for the drop in Alicante’s mainly British visitors while Valencia is more dependent on the domestic market and foreign tourists from outside of the UK.