July 21, 2024 | 11:41

Bizkaia

Positive first quarter of the year for the Basque economy

Positive first quarter of the year for the Basque economy

Jeickson Sulbaran

April 24, 2024 | 9:00 p.m.

The Gross Domestic Product has experienced an increase in the first quarter of the year

La Basque economy has shown signs of strengthening during the first quarter of 2024, achieving a growth of 1,6% compared to the same period of the previous year. This increase is especially significant when considering the current economic context, where global uncertainty continues to be a predominant factor. The preliminary evaluation of the quarterly economic accounts, carried out by the Basque Institute of Statistics (Eustat), suggests that this growth could be the prelude to a more robust economic recovery in the region.

The services sector has played a crucial role in this positive development, standing out as the main engine of economic growth in Euskadi. According to the data of eustatThis sector has not only maintained its dynamism, but has exceeded expectations, with a significant year-on-year increase that contributes decisively to the general health of the regional economy.

This good performance of the services sector is indicative of successful adaptation to changing market conditions and effective alignment with contemporary demands for consumer and business services. In addition, reflects the capacity for resilience and continuous innovation that characterize companies in the sector in Euskadi.

Future outlook and adjustments to economic forecasts

El Basque government, after analyzing the results of the first quarter and current economic conditions, has adjusted its growth forecasts for the rest of the year. Although the expected growth for 2024 has been revised downwards to 1,9%, this remains a positive indicator that the economy could continue to show a sustained growth trend.

The Gross Domestic Product has experienced an increase in the first quarter of the year

La expectation that GDP will increase in the coming quarters, with estimates of 1,7% for the second quarter and higher for the third and fourth quarters, demonstrates prudent confidence in the Basque economy's ability to manage market fluctuations and capitalize on growth opportunities. This optimistic projection is based on the solid performance of the services sector and the stability that has begun to manifest itself in other key sectors of the economy.

Employment follows the positive trend of GDP

In terms of employment, the indicators are also encouraging. The number of full-time equivalent jobs has increased 2% year-on-year, which is good news for the local population and reflects an improvement in working conditions and the ability of companies to generate employment.

This increase in employment not only improves the general economic outlook, but also contributes to strengthening the internal market, increasing purchasing power and promoting a virtuous cycle of consumption and investment in the region.

Data from the first quarter of the year offer several reasons for optimism regarding the economic direction of Euskadi. Despite the downward revisions and the uncertainty that persists globally, the Basque economy is proving to be robust and capable of effectively adapting to challenges. With the services sector leading the way and employment on the rise, the outlook for the rest of the year is promising.

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