For 2022 as a whole, the Basque government predicts that the economy of the Basque Country will grow by 4.5% after the latest forecast revision.
The economy of the Basque Autonomous Community grew at an annual rate of 5.7% in the first quarter of this year, a period in which employment grew by 5%.
The Basque Institute of Statistics-Eustat published this Monday the progress of evolution of the Basque economy in the first quarter of this year.
According to Eustat, given the situational information available at the time of this preview, industry is the sector with the best behaviour in the first quarter of the year.
For 2022 as a whole, the Basque government expects the Basque Country’s economy to grow by 4.5%, after the latest forecast revision last March, as it expected growth of 6.7% until that month.
This review was caused by negative effects of the invasion of Ukrainesuch as the rise in oil, gas and electricity prices, as well as sanctions against Russia.
Between January and March of this year, Gross Domestic Product (GDP) grew by 1% compared to the last quarter of last year.
Eustat will publish the differentiated GDP and employment estimates for the first quarter of 2022 in its quarterly accounts on 3 June, once the cyclical information that was not available at the time of the advance has been processed.
Source: EITB
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