According to the employers’ association, the first months of 2024 in Euskadi will be “very flat”, although they expect “greater dynamics” as the year progresses.
Confebask predicts that the economy of the Basque Autonomous Community will grow 1.6% next year, although he warns that this growth will be subject to “numerous risks”, which could temper the forecasts of the Basque employers’ association.
Confebask therefore expects the first months of 2024 “Very flat”and gives way to “greater momentum” as the year progresses.
Concerning the employment opportunitiesThe employers’ organization predicts that there will be 13,000 new Social Security members in 2024, which would mean a slightly lower job creation rate than this year. If these estimates were met, the unemployment rate in Euskadi would fall to 7%, one point less than expected at the end of 2023.
Confebask has also shown this being worried about due to “the strong growth in labor costs”, the “difficulties” in finding qualified personnel, the reduction in profitability and the difficulty of accessing expensive bank financing.
Taking into account 2023Confebask estimates that it will end the year with growth of 1.6%, in line with what was estimated a year ago. The Basque economy, the employers’ association confirms, has been burdened this year by “the impact of inflation”, the increase in interest rates, the “weakness of the main customers of the Basque economy” and the “low growth of the world of commerce”. .
Source: EITB
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