Although Chile’s Gross Domestic Product (GDP) showed a slight increase of 0.2% in 2023, the region cannot say the same, since the Central Bank reported yesterday that Ñuble’s GDP registered a drop of 0.3 % last year, compared to 2022.
According to preliminary information from the National Accounts, during 2023, GDP grew in eleven of the country’s sixteen regions, including Biobío (5.9%), Maule (0.8%) and La Araucanía (0. 9%). In the case of household consumption, a national drop of 5.2% was observed, a result that was negative in all regions of the country.
According to the issuing entity, Ñuble registered a decrease of 0.3% of GDP, explained by the manufacturing industry, which was offset by the increase in personal services and construction.
By economic activity, it was observed that Production of Goods closed the year with a drop of 2.1% compared to 2022, affected by the contraction of Industry (-6.8%), which was partially offset by the increase in Rest of goods (2.4%). Commerce, meanwhile, experienced an interannual decrease of 6.8%, in contrast to Services, which grew 2.1% in 2023.
Likewise, the Central Bank detailed that both spending on non-durable goods (-8.5%) and durable goods (-27.3%) influenced the 6.3% drop in household consumption, in a recessionary context. result that was partially offset by higher consumption of services (0.7%).
In the analysis by quarters, it is observed that the region recorded GDP declines in the first quarter (-1.1%) and in the second (-1.7%), however, starting in the third (0.6% ) we are beginning to see the exit from the technical recession, which was confirmed with the fourth quarter (0.9%), whose figure was known yesterday.
Looking back, it is observed that Ñuble’s GDP showed increases of 2.5% in 2022 and 11.9% in 2021, as a result of the low comparison base that 2020 represented, the year in which the region’s GDP decreased 3 .7%, affected by the effects of the health crisis.
Deceleration
Dr. Roberto Herrera, academic at the School of Business and Administration (EAN) of the University of Concepción, Chillán Campus, highlighted that “only five regions of the country did not register growth in 2023, which indicates that the economic slowdown is a phenomenon that affects multiple regions and is not exclusive to Ñuble. The region experienced a 0.3% drop in its GDP during the same period. Despite this drop, during the period following the creation of the region (2018-2023), Ñuble has remained above the average annual growth, ranking seventh among sixteen regions.”
Regarding the reasons for the decline, Herrera pointed out that, “the forestry industry, which has historically been one of the pillars of our local economy, has faced significant challenges in recent years, mainly due to the weakening of international demand added to problems climate events such as recent floods and fires.”
The EAN UdeC researcher maintained that, “in addition, it is crucial to pay attention to trends in household consumption and spending, as demonstrated by the 6.3% drop in household consumption in 2023. However, However, this trend is common to all regions, with a national average drop of 5.2%, indicating a widespread challenge that requires political and economic measures to support the purchasing power of families and foster a business-friendly environment. investment and employment.
Along these lines, he stated that, “to move towards a path of sustainable growth, it is essential to strengthen the resilience of our economy through the diversification of our industries and the promotion of innovation and entrepreneurship. “Strategic investment in emerging sectors and effective collaboration between the public and private sectors is required to promote economic development in Ñuble.”
Recovery
For his part, Erick Solo de Zaldívar, Seremi of Economy of Ñuble, recognized that, “our region during 2023 was affected by multiple emergencies, national and international factors, which influenced the GDP figures, highlighting the sharp drop in exports from the forestry sector.
“We know that each region has different productive activities,” the authority continued, “and to face different economic adversities, the government has implemented support measures for recovery, growth and development. Without going any further, Fogape Chile Apoya and the Tax Debt Relief Law, together, reached more than 8 thousand MSMEs; In regular measures of services such as Sercotec and Corfo, we have delivered more than 1,800 subsidies that total approximately $14.4 billion. It is important to take into consideration that this support is essential to continue protecting these sources of employment, since micro, small and medium-sized companies represent 59% of jobs dependent on Ñuble.”
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