In the first quarter of 2022, GDP increased by 1.0% from the previous quarter and by 5.7% from the same quarter of 2021. Employment grew by 0.9% from the previous quarter and by 5.0% over the same quarter period of the previous year.
Euskaraz irakurri: Euskadiko ekonomiak gora egin du zazpigarren hiruilabetez jararian
The Gross national product (GDP) of the CAV has up 1.0% in the first quarter of 2022 compared to the previous quarter, which ties together seven consecutive quarters of growth, according to data released today by Eustat. Compared to the same quarter of the previous year, annual growth estimated amounts a 5.7%
The function, measured in terms of full-time equivalents, meanwhile promoted in the first quarter of the year 0.9% versus the previous quarter, representing an increase in the 5.0% compared to the first quarter of the year 2021.
These estimates, which incorporate all short-term economic information available at the time of preparation, confirm the growth of the Preview of the Eustat quarterly accounts on 25 April 2022.
By provinces, Álava showed a year-on-year growth of 5.5% in the first quarter of 2022, Gipuzkoa 5.6% and Bizkaia 5.7%. Regarding the last quarter of 2021, Álava’s GDP is the best with a growth of 1.2%, namely 1.1% for Bizkaia and 0.9% for Gipuzkoa.
The annual GDP growth rate of the AC of the Basque Country of 5.7% is above the estimate for the European Union (5.2%), the Eurozone (5.1%) and the United States (3.5%). For the Spanish economy, for its part, the growth estimate is higher in the year-on-year comparison (6.4%), although the growth rate is more moderate compared to the previous quarter (0.3%).
From a Supply point of view, all sectors showed positive growth in Q1 2022 compared to Q1 2021; except the primary sectorwho has registered contraction of added value in real terms 1.8% compared to the same quarter of the previous year, even though it is 15.0% higher than the estimate for the last quarter of 2021.
the industry of Industry it accelerated during the first quarter of the year, both on an annualized and quarterly basis. Activity in the sector as a whole was 6.5% higher than in the first quarter of the previous year, up 3.5% from the previous quarter.
the industry of Building it also shows higher growth than in the previous quarter. Compared to the same quarter of the previous year, activity increased by 1.9%, with activity growing from the previous quarter of 2.5%.
The overall activity of the sector services, compared to the same quarter of the previous year, an increase of 6.0% is estimated. This year-on-year growth is largely based on those services to people who remained closed or saw their activity limited in the first quarter of 2021 – those related to leisure activities and the tourism sector – and who were able to resume their activity level in this quarter. The first quarter of the year compared to the fourth quarter of 2021 represented an increase of 0.1%.
So the branch of Trade, catering and transport has recorded an increase in value added of 11.0% compared to the first quarter of the previous year, after an increase of 1.2% compared to the previous quarter. Of these activities, the hotel industry (both accommodation and restaurant service) performed the best.
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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.
