The increase signifies the creation of 65,200 new jobs, highlighting a growing appreciation for higher education in the region, according to a report released by the Regional Coordination and Development Commission of the North (CCDR-N), which details economic trends in the area.
The report states that overall employment in the North also experienced a 2.1% rise, outpacing the national growth rate of 1.3%.
Unemployment in the region stood at 6.9% in the fourth quarter of 2024, marking a 0.4 percentage point decrease from the same period in 2023.
This rate remains above the national average, which is 6.7%.
The “Norte Conjuntura” indicates that the average net salary for employees in the North grew by 8.3% in real terms, reaching 1,117 euros.
In comparison, the national real variation was 9.5% with an average salary of 1,184 euros, it adds.
Exports of goods from the North increased by 1.8% in the fourth quarter of 2024, which is below the 4.0% increase observed in Portugal.
In the tourism sector, overnight stays in the region’s tourist establishments rose by 7.9% compared to the same period in 2023, surpassing the national increase of 4.7%.
Inflation in the North climbed to 2.9% in the fourth quarter of 2024, accelerating from the previous quarter’s 2.5%, while national inflation was at 2.6%.
In the construction sector, licensed buildings in the North increased by 23.6% compared to the same period last year, exceeding the national growth rate of 22.5%.
The value of new loans to companies in the region grew by 19.8%, despite a slight 0.8% reduction in corporate debt, primarily due to amortizations.
The report suggests that the data indicates an optimistic outlook for the North’s economy, with a recovering labor market and strategic sectors showing growth.
Since 2006, the “Norte Conjuntura” has compiled and analyzed the most relevant available information to identify early trends in the short-term economic evolution of the North Region within the national context.
