Furthermore, Eustat’s note indicates that the three main sectors of the Basque economy have increased their added value, as stated by the Ministry of Economy and Finance. That is why there is ‘general growth, which does not depend on the good timing of one or the other activity’.
The Basque government believes that the 1.8% annual GDP growth in Euskadi in 2023 “will gain more value if we take into account the difficulties involved,” in the form of “high inflation, a restrictive monetary policy, an environment full of uncertainty and geopolitical conflicts that shape international trade.”
In a statement, the Ministry of Economy and Finance assessed progress Eustat accounts compared to the fourth quarter of 2023, when GDP growth “slightly” exceeded the forecast of the Economics and Planning Directorate last September (1.7%) by a tenth.
The ministry has emphasized that the comparison of the growth mentioned for Euskadi exceeds prediction for the eurozone as a whole this is about 0.5%.
As for the fourth quarter, the increase in Basque GDP is 1.6%, two-tenths more than forecast by the Economy Directorate.
Thanks to this, they added from the ministry, the Basque economy turns out “a stable profile” over the past three quarters, with increases of 1.5%, 1.7% and 1.6% respectively, and “a far cry from the announcements of a possible recession being heard in other surrounding areas.”
Moreover, Eustat’s note indicates, as he said, that the three main sectors of the Basque economy have increased their added value. Therefore it is “a widespread growthwhich does not depend on the good timing of one activity or another”.
Evaluation of the Basque government
The Basque government believes that the annual growth of 1.8% of GDP in Euskadi in 2023 “takes on more value when the difficulties that have caused this growth are taken into account”, in the form of “strong inflation, a restrictive monetary policies, an environment full of uncertainty and geopolitical conflicts that shape international trade.”
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
