Compared to the previous quarter, the economy in Álava, Bizkaia and Gipuzkoa as a whole grew by 0.6% and employment by 0.5%.
The economy of the Basque Autonomous Community (CAV) grew by 1.7% in the first quarter of the year, compared to the same period in 2023, according to data published on Friday by the Basque Statistical Institute Eustat.
Compared to the previous quarter, BAC’s gross domestic product (GDP) registered a growth of 0.6%.
This is how the economy of Euskadi grew a tenth more than previously estimated, both on an annual and quarterly basis; as Eustat announced at the end of April that GDP would have grown by 1.6% year-on-year and by 0.5% compared to the last quarter of last year.
Regarding the evolution of GDP by historical areas: Alava presents an interannual rate of 1.2% in the first quarter of the year, Bizkaia 1.7% and Gipuzkoa of 1.9%. Compared to the previous quarter, the GDP increase is 0.7% in Álava and Gipuzkoa and 0.6% in Bizkaia.
However, the estimate of employment growth remains unchanged. He employment opportunities (measured in full-time equivalents) increased by 0.5% in the first quarter of the year compared to the previous quarter, which equates to an annualized growth of 2.0%. This means that a net 19,349 more jobs were created than in the first quarter of 2023.
The year-on-year development of employment was positive in all sectors, except for the primary sector, which showed a decline of 0.7%. The increases in the other sectors, compared to the same quarter of the previous year, amounted to 1.1% in Industry, 0.3% in Construction and 2.4% in Services.
Source: EITB
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