Laboral Kutxa estimates that Navarra's GDP will grow by 1.9% this year and 1.7% in 2027, two tenths less than the national average in both years. Employment in Navarra is also advancing at a slower pace than in Spain.
The economic outlook report from Laboral Kutxa, presented this Friday in Pamplona, places the growth of Navarra's GDP at 1.9% for 2026 and 1.7% for 2027. In Spain, the financial entity expects an increase of 2.3% this year and 1.9% next year, two tenths more in each year. The information has been disseminated by Cadena SER.
Employment in Navarra also lags behind the national average. Laboral Kutxa estimates a growth of 1.2% in 2026 and 0.9% in 2027, compared to 2.2% and 1.7% expected for Spain. The unemployment rate will stand at 8.3% this year and drop to 8.1% next year, while in Spain it will be 10% and 9.6%, respectively.
Regarding prices, the report estimates an increase in the CPI of 3.1% in Navarra in 2026, four tenths less than the national average, and 2.4% in 2027, two tenths below. The region thus maintains slightly lower price pressure than Spain.
Joseba Madariaga, director of the Studies Department at Laboral Kutxa, noted that internal consumption and the services sector are once again the driving force of Navarra's economy. Regarding the situation in the region, he pointed out:
“I see a half-full bottle, with good performance in services, but it is in industry where the problems are concentrated.”
Data from the second quarter of 2026 shows that Navarra's GDP grew by 0.4% compared to the previous quarter and 2.0% year-on-year, below the rates above 3% recorded at the end of 2024. Growth is supported by market services, which rose by 3.4%, and household consumption, with 3.3%, while public consumption accelerates to 2.6%. Employment, on the other hand, moderates its growth to 0.8% year-on-year.
The industry continues to show what the report describes as “underlying weakness.” The industrial production index rose by 2.8% year-on-year in July, but has accumulated a decline of 3.4% between January and July. The automotive sector is clearly improving: the production of cars reached 167,703 units by August, a 14.9% increase compared to a year earlier, driven by the introduction of new electric models into production.
Exports maintain high volatility. In July, they grew by 2.5% year-on-year after a sharp decline in June, although from January to July, they still fell by 3.6%.
During the event, the Minister of Industry of the Government of Navarra, Mikel Irujo, also spoke, defending “made in Europe” and calling for a “much more ambitious industrial investment budget than we currently have.” The Minister of Economy and Finance, José Luis Arasti, stated that the presentation of the Budget project this Friday demonstrates “the solvency that we as a Government can have” and conveyed that “coalition governments work.”
The full report with forecasts for Navarra and Spain is available through the usual channels of Laboral Kutxa.
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