However, this economic growth is below the estimate for the Spanish state (2.9%), but above that of the eurozone (0.6%). By sector, services (2.3% growth) and the primary sector (2.8%) have stimulated the economy.
The Basque economy grew by 1.8% in the second quarter of 2024 compared to the same period in 2023. In addition, more than 18,000 jobs were created, mainly due to the positive evolution of the service sector.
The Basque Institute of Statistics-Eustat announced on Tuesday the evolution of the Basque economy between April and June, when an increase of 0.4% was recorded compared to the first quarter. In this way, the forecasts of July are confirmed, both in terms of annual and quarterly growth.
The best data was recorded per territory Bizkaia and Gipuzkoaboth with a growth of 1.9%while in Alava area the increase was slightly lower (1.4%).
However, this economic growth is below the estimate for the entire economy of the Spanish state for that period (2.9%), but above that of the eurozone (0.6%) and the entire European Union (0.8%).
The sector is divided into services (23%) and the primary sector (2.8%) the economy picked up, while the industry experienced very moderate growth (0.4%) and was reduced compared to the first three months of the year. The construction sector also performed well, with a year-on-year increase of 1.5%.
Both private and public consumption grew year-on-year (1.7 and 2.2% respectively), although they declined compared to the previous quarter (2.3 and 2.4%). Investments also showed a similar evolution (year-on-year increase of 1.6% and decline of 0.4% compared to the previous quarter)
Better employment data
He employmentmeasured in terms of full-time equivalents, also saw positive growth, with 18,318 jobs created, representing a year-on-year increase of 1.9% and 0.4% compared to the first quarter of the year.
These employment data improve Eustat’s July estimates of annual growth by a tenth, although the calculated growth is down by a tenth from the previous quarter.
In relation to employment, it grew by 1.9% compared to the second quarter of 2023, reaching over 18,000 jobs, after an increase of 0.4% compared to the previous quarter.
By sector, employment improved in the service sectors (2.4%) and industry (1%). In contrast, a decline of 2.4% was observed in the primary sector and of 1% in the construction sector.
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.
