Spanish Conversational Skills/ Blog

The economic strengths of a relatively small region

19 March 2019

Rioja forms the smallest of Spains Autonomonous Regions which lies strategically between some of Spains most economically active and prosperous regions. Furthermore, the region enjoys superb links to Bilbao, Vitoria, Madrid, Barcelona and Valencia, as well as being the doorway to the rest of Europe through France.

La Rioja is one of Spain’s richest Autonomonous Regions, with a high GDP per capita (over Spain's and EU's average) and a high rate of growth in recent years. It remains a largely stable economy, even throughout the economic crisis, which has gripped Spain and the rest of Europe. The collapse of the construction sector has hit property prices in Rioja just it has elsewhere in Spain. However, it has suffered a gentle jolt in comparison to larger, more densely populated provinces.

Capital: Logroño
Total population: 317,501
Foreign population: 34,795
GDP: 8.12 Billion Euros
GDP growth: 1.5 %
Exports: 1.25 Billion Euros
Imports: 920.95 Million Euros
Source: INE and Ministry of Industry, Tourism and Trade

However, due to turmoil within the construction sector, it is now a fairly good time to take advantage of the lower property prices, which still continue to fall. Property prices vary greatly within municipalities, and it is worthwhile bearing in mind that list prices need to be increased by 10 to 12 percent to take account of local taxes, registration fees and legal costs.

Spain in general enjoys proportionally lower operation costs than other EU counterparts. La Rioja is no exception and offers aggregate operation costs which outperform the EU’s average.