Gross domestic product of the Basque Autonomous Community in the second quarter of 2022

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The Gross national product of the Basque Autonomous Community he has grew by 1.1% in the second quarter of 2022what does that mean 5% increase from the second quarter 2021 figureWhile the function has grown, also in the second quarter of this year, 0.8%immediately year-on-year growth of 3.7%as published by the Basque Statistical Institute Eustat This Thursday.

For example, Eustat announces in a press release that the GDP of Euskadi rose by 1.1% on a quarterly basis in the second quarter of 2022. Compared to the same quarter of the previous year, GDP growth is estimated at 5%. The function, measured in terms of full-time equivalents, meanwhile, increased 0.8% in the second quarter of the year, compared to the previous quarter, representing an annualized growth of 3.7%; that is a total of 35,525 more jobs than in the second quarter of 2021, reports the Basque Statistical Institute.

These estimates, which incorporate all short-term economic information available at the time of preparation, as well as the new estimates of the annual aggregates for the years 2020 and 2021, improve on those obtained in the preview of the Eustat quarterly accounts from last year 19 July for the first two quarters of the year. The estimated annual GDP growth in the second quarter of the CAV is higher than that in the economy of the United States (1.7%), in the euro area (4.1%) and in the European Union as a whole ( 4.2%). The latest estimate of the annual growth of the Spanish state’s economy, for its part, comes in at 6.3%, ahead of Spain’s quarterly national accounts, although growth compared to the previous quarter, as in the Basque Country, 1.1%.

From the point of view of offer, the increase in value added has been generalized on an annual basis (second quarter of 2022, compared to the second quarter of 2021), with the exception of agriculture, livestock and fisheries. The primary sector, Eustat explains, has recorded a real contraction in value added of 3.2% compared to the same quarter of the previous year, although this is 11.8% higher than the estimate of the previous quarter.

The manufacturing sector has increased its value added year-over-year by 6.1%, with a growth of 5.9% corresponding to the manufacturing industry. Compared to the first quarter of 2022, the industry as a whole has grown by 1.1% and in the case of the manufacturing industry by 1.7%.

The construction sector, Eustat reveals, shows a year-on-year increase in value added in real terms of 1.5% in the second quarter of 2022, although it has decreased by 1.8% compared to the previous quarter .

Global service sector activity grew 5.6% in the second quarter of the year compared to the same quarter of 2021, following a 1.4% increase in value added compared to the previous quarter.

The behavior of the services was not homogeneous per branch in the past quarter. The trade, hospitality and transport sector recorded a 14.1% increase in value added compared to the second quarter of the previous year, after an increase of 3.1% compared to the previous quarter. Growth was more subdued in the rest of the services sector, which includes activities such as real estate, professional, scientific and technical, as well as financial and insurance, with a growth rate of 3% year-over-year and 1.2% from the previous quarter.

In the public administration, education, health and social services branch, the growth in value added compared to the second quarter of 2021, after a decrease of 0.4% compared to the previous quarter, is 1.3% .

The positive year-on-year behavior of almost all sectoral aggregates has resulted in the value added of the BAG increasing by 5.4% in the second quarter of 2022. An expansion of gross value added compared to the previous quarter was also observed, which amounts to 1.2%.

Demand

from the side of the demandyear-on-year growth has been generalized, although that of government consumer spending was lower than in the second quarter of 2021. Quarter-on-quarter behavior was uneven as, while consumer spending grew by 1%, gross investment decreased by 0.2%.

Household consumption and private consumption show an annual increase of 3.0%, after an increase of 2.0% compared to the previous quarter.

Government consumer spending (government consumption), on the other hand, fell by 3.1% and 2.3% respectively compared to the second quarter of 2021 and the previous quarter.

The joint evolution of public and private consumption determines a year-on-year increase in consumer spending of 1.5%, which implies an increase of 1% compared to the first quarter of 2022.

In gross capital formation (capitalisation), year-on-year growth was 5%, although it was 0.2% lower than in the previous quarter. Investment in capital goods was up 9% from the same quarter of the previous year, representing a quarter-on-quarter recovery of 1.5%.

For the rest of gross capital formation, which is more related to the evolution of construction, the annual growth rate was 2.4%, after an estimate of a decrease of 1.3% compared to the previous quarter.

Domestic demand, consisting of consumer spending and gross capital formation, grew by 2.4% year-on-year in the first quarter of the year. This growth is lower than the estimate for GDP as a whole (5%), so that the contribution of the foreign sector is again positive in this second quarter of the year. In fact, exports of goods and services are up 13.7% year-on-year, outpacing imports, which are up 8.5%. The foreign balance has thus made a positive contribution to the year-on-year evolution of the Basque economy as a whole.

employment levels

In relation to employment (measured in full-time jobs), employment as a whole grew by 3.7% compared to the second quarter of 2021, after an increase of 0.8% compared to the previous quarter.

The primary sector shows a decline in employment of 1.3% compared to the second quarter of 2021, after a quarter-on-quarter increase of 1.1%. In manufacturing, annual job creation was 2.4%, although a figure was 0.1% lower than in the previous quarter. In the construction industry, employment trends have been positive, both on an annual basis (up 1.5%) and on a quarterly basis (up 1.3%). Finally, in the services sector, the number of full-time equivalents increased by 4.3% year-on-year, after a quarter-on-quarter increase of 0.9%.

referring to GDP evolution by province, in the second quarter of 2022, Gipuzkoa showed a year-on-year growth of 4.8%, Álava 4.9% and Bizkaia 5.1%. In contrast, compared to the first quarter of 2022, Bizkaia grew by 1.1% compared to the 1.2% observed in both Álava and Gipuzkoa.