The Gross Domestic Product (GDP) of the Basque Autonomous Community has increased by 2.3% in the first quarter of 2023 in year-on-year terms. Compared to the previous quarter, fourth quarter of 2022, the estimated quarter-on-quarter growth amounts to 0.5%, according to data prepared by Eustat.
Employment, measured in terms of full-time equivalent jobs, for its part, increased by 0.3% in the first quarter of the year in relation to the previous quarter, which represents an increase of 1.5% with compared to the first quarter of 2022.
These estimates, which incorporate all the short-term economic information available at the time of their preparation, improve by one tenth those offered for GDP in the Eustat Quarterly Accounts Advance on April 24, 2023, both in quarter-on-quarter growth and in yoy The estimated changes in employment, on the other hand, remain unchanged.
The growth in year-on-year terms of the GDP of Euskadi of 2.3% is above the estimate for both the European Union (1.2%), the Euro zone (1.3%) and the United States (1.6%).
For the Spanish economy, the quarterly growth estimate is the same as the Basque average, 0.5%, and, on the other hand, it is higher in the year-on-year comparison (3.8%).
From the Supply point of view, all sectors, without exception, show positive growth in year-on-year terms during the first quarter of 2023, according to Eustat data.
The Primary sector registers an increase in its added value in real terms of 7.4% compared to the same quarter of the previous year, being 7.5% higher than the estimate in the last quarter of 2022.
The Industry sector has accelerated during the first quarter of the year, both in interannual and quarterly terms. Activity in the sector as a whole was 1.1% higher than that observed in the first quarter of the previous year, after an increase of 0.9% in relation to the previous quarter.
The growth estimates for the manufacturing industry have been more intense both in interannual and interquarterly terms, at 1.4% and 1.3%, respectively.
Activity in the Construction sector has increased by 0.9% compared to the first quarter of 2022, with an increase in activity of 0.4% compared to the previous quarter.
In the Services sector as a whole, an increase in activity of 2.9% is estimated in relation to the same quarter of the previous year. The intensity of growth has not been homogeneous by branch during this last quarter.
Thus, the branch of Commerce, hospitality and transport has registered an increase in its added value of 5.4% in relation to the first quarter of the previous year, after an increase of 1.9% in relation to the previous quarter.
The year-on-year increase in the Other services branch, which includes real estate activities, professional, scientific and technical activities, communication, financial and insurance services, and personal services, has been, according to Eustat, “more moderate”, with a year-on-year growth of 2.1%. In relation to the fourth quarter of 2022, in addition, a decrease in added value of 0.7% is estimated.
In the branch of Public Administration, education, health and social services, with an added value the same as the previous quarter, the interannual growth rate stood at 1.2%.
The positive interannual behavior of all of the sectoral aggregates has made the Value Added of the Basque Country advance by 2.4%. In relation to the previous quarter, the increase in Gross Value Added stands at 0.5%.
From the point of view of Demand, final consumption expenditure of households and ISFLSH (private consumption) presents an interannual increase of 1.7%, with an advance of 0.6% compared to the previous quarter.
Final consumption expenditure of the Public Administrations (public consumption), for its part, has expanded by 2.4% with respect to the same quarter of the previous year, although it has fallen by 0.8% in relation to the fourth quarter. of the year 2022.
The joint evolution of public and private consumption determines a year-on-year increase in final consumption expenditure of 1.9% which, in relation to the last quarter of 2022, implies an increase of 0.3%.
In Gross Capital Formation (investment), the rise was 1.6% both in interannual and quarterly terms. Investment in capital goods has registered a rise of 2.4% with respect to the same quarter of the previous year, which represents a recovery in quarterly terms of 1.9%.
In Rest of gross capital formation, more closely linked to the evolution of construction goods, year-on-year growth has been more moderate, at 1.1%, after estimating an increase of 1.4% compared to the previous quarter .
Domestic Demand, made up of Final Consumption Expenditure and Gross Capital Formation, experienced a year-on-year rise of 1.8% in the first quarter of the year. This growth is below the estimate for GDP as a whole (2.3%), so the contribution of the Foreign Sector is once again positive in the first quarter of the year.
Thus, Exports of goods and services have risen by 6.3% in interannual terms, more intensely than Imports, which have increased by 5.4%. The external balance, therefore, has contributed positively to the year-on-year evolution of the Basque economy as a whole.
In relation to employment levels (measured in full-time equivalent jobs), employment as a whole has grown by 1.5% in relation to the first quarter of 2022, after growth of 0.3% compared to the quarter preceding.
The Primary sector presents a decrease in employment of 1.4% in interannual terms, although the number of jobs has increased by 1.5% with respect to the previous quarter.
In Industry, the year-on-year increase in jobs is quantified at 0.8%, obtaining a figure 0.3% higher than that of the previous quarter.
In Construction the evolution of employment has also been positive in interannual terms (rise of 1.2%), although in quarterly terms the behavior has been negative (decrease of 1.5%).
Finally, in the Services sector, the number of full-time equivalent jobs has risen both in interannual terms (1.8% increase) and in interquarterly terms (0.5%).
Regarding the evolution of GDP by Historical Territories in the first quarter of 2023, Álava presented interannual growth of 2.5%, Gipuzkoa 2.4% and Bizkaia 2.2%.
In relation to the last quarter of 2022, Álava’s GDP is also the one that behaves best, with growth of 1.0%. In Gipuzkoa and Bizkaia, quarter-on-quarter growth was 0.5% and 0.4%, respectively.
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