According to the BBVA Research observatory, the Basque economy will grow by 1.9% in 2024, three tenths less than calculated in October and two tenths lower than the Basque government’s forecast (2.1%).
The financial institution think tank has explained that the downgrade is due to the recent deterioration in activity in the eurozone, in addition to part of the industry struggling with high energy costs.
Moreover, he estimates that “uncertainty about economic policy could increase in the coming months.”
In any case, BBVA has indicated that greater diversification of industrial products in the BAC could “mitigate the effects of the slowdown in Europe”.
For the coming year, BBVA expects “a general acceleration of activity in 2025 due to the improvement in domestic consumption and European demand”. In the case of the Basque economy, it calculates that the economy will grow by 2.7% compared to the previous year. 2.5% of the state as a whole.
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.
