The target of an unemployment rate of 6.8% is postponed by one year, to 2026. In concrete terms, they estimate the creation of 15,000 jobs next year.
The Basque government maintains the predictions of a economic growth in Euskadi of 1.9% in 2024 and 2.1% in 2025, but the target of a unemployment rate of 6.8%. In concrete terms, they estimate the creation of 15,000 jobs next year, which will bring the unemployment rate to 7%.
This was announced by the Second Deputy Lehendakari and Minister of Economy, Labor and Employment, Michael Torresduring a press conference held in Bilbao on Friday, during which he presented the quarterly report on the Basque economy for the third quarter of 2024 and the economic growth forecasts for 2024 and 2025.
Torres has pointed out that these estimates of GDP growth of 1.9% this year and 2.1% in 2025 are “a macroeconomic stability scenario“.
However, these forecasts mean that the forecasts included in the budget guidelines adopted in July are maintained employment figures varyas they planned to create about 16,000 jobs and bring the unemployment rate to 6.8% by 2025.
After emphasizing that the labor market is stable and continues to grow, they pointed out that the new estimate indicates that around 15,000 full-time equivalents will be created in 2025, representing an increase of 1.5%, bringing the employment rate to the level of unemployment. 7% to ultimately drop to 6.8% in 2026.
This variation in employment forecasts, as they explained, is driven by the increase in the number of people who have found jobs. Lanbideas a result of which “the objectives have been somewhat delayed”.
Torres attributes this data on the evolution of the economy to the “weakness” from some of the most important European countries, which has its impact on the Basque industrial sector due to the lack of activity of European industry. However, rely on a recovery of this sector in Euskadi.
Source: EITB
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