The Basque economy grew by 2.3% In the second quarter, three tenths more than expected

The economy of the Basque Country grew by 2.3% in the second quarter compared with the same period last year and 0.7% compared with the previous quarter, mainly thanks to the services sector , while employment increased by 1.3%, resulting in the creation of 13,238 net jobs.

The Basque Institute of Statistics (Eustat) released its quarterly economic accounts on Friday and the 2.3% estimated improved by three tenths the growth forecast made by the Basque Government in July.

With regard to this indicator, Eustat confirms the estimates made in June, with a 1.3% year-on-year increase and 0.4% increase over the first three months of the year.

With regard to the evolution of GDP by historical territory, Álava recorded a year-on-year growth of 2.2 per cent, Bizkaiaof 2.3 per cent and Gipuzkoaof 2.4 per cent, with growth of 0.8 per cent, 0.6 per cent and 0.9 per cent, respectively, over the previous quarter.

A "slight" improvement in the industry

By sector, the industry returns to positive rates, with a slight growth of 0.5% for the sector as a whole and 0.7% for manufacturing, with 0.8% and 0.9%, respectively, in these branches of activity compared to the first quarter.

However, services remain the main engine of the Basque economy, with year-on-year growth of 3% and 0.8% over the previous quarter.

Consumption and investment, up

In terms of consumption, both households and public consumption grew, the first being that citizens spent 2.9% more than a year ago and 0.8% more than in the first three months of the year, while public administrations increasedtheir spending by 3.7%.

Thus, consumption grew by 3.1 per cent year-on-year and 0.7 per cent over the first quarter of this year, while investment as a whole increased by 3.9 per cent over the previous year.

Compared to the first three months of this year, investment grew at a lower level, 1%.

The contribution of the external sector to the Basque economy has been low for another quarter, resulting in a negative year-on-year balance, with exports (+0.9%) growing less than imports (2.3%).

Torres: "The Basque economy is evolving positively"

The Basque Council for Economy, Labour and Employment, Mikel Torres,has valued these data: "The Basque economy continues to evolve positively, growing by another quarter, and there are already 22 consecutive quarters with advances of more than 2%. "

It has also ensured that the progress of the Basque economy is based on consumption, investment and job creation.

Torres has pointed out that the industry has stabilized and even shows a slight improvement, but not a "solid recovery," as trade uncertainty and higher energy prices continue to condition forecasts.

With regard to exports, the counsellor has stressed that they grew by 2.1 per cent over the previous quarter, which "shows an improvement over the beginning of the year".