It envisages that the recovery will continue in 2023 and 2024 with an estimated growth of the Basque economy of 1.3% and 2.9% for 2023 and 2024 respectively.
BBVA research estimate a growth of GDP of the Basque Autonomous Community of 1.3% by 2023higher than the previous estimate (0.7%) and 2.9% by 2024, with the creation of nearly 25,000 jobs in the set of the two exercises.
These forecasts were released at a telematic press conference attended by Miguel Cardoso, BBVA Chief Economist for Spain, and BBVA Northern Territory Director Carlos Gorría, who presented their economic report.
In their appearance, they emphasized that in 2022, the recovery process and economy in the CAV have continued “has resisted better” than what was expected.
As they have noted, GDP would have grown by 4.4% in 2022, compared to 5.5% for the Spanish state as a whole, avoiding “the recession that seemed to be expected a few months ago”.
BBVA Research predicts that in 2023 and 2024 will continue the recovery with an estimated growth of the Basque economy of 1.3% (1.6% in the Spanish State) and 2.9% (2.6% in the Spanish State) respectively for these two years.
Employment opportunities
In terms of employment, they estimate job creation averaging just over 12,000 per year, which equates to nearly 25,000 jobs throughout 2023 and 2024, more precisely, they foresee 24,600. unemployment rate at 8.4% for 2023 and 7.2% in 2024, which the CAV maintains “as the community with the lowest unemployment rate”.
Source: EITB
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