Press release 22/11/2005


The economy of the A.C. of the Basque Country registered 3.7% inter-annual growth in the third quarter of 2005

This rate is over two percent higher than the rate obtained by the European Union-25 (1.6%)

The GDP of the A.C. of the Basque Country registered 3.7% inter-annual growth in the third quarter of the current year, with regard to the same period in 2004, according to Eustat data, point two above the inter-annual rate for the second quarter (3.5%). The inter-annual growth in the third quarter on the second was 1.4%, compared to 0.6% in the European Union-25.

The inter-annual growth rate of the GDP in the A.C. of the Basque Country was two points higher than the Spanish economy (3.5%) and two point one percent higher than the rate estimated for the Euopean Union-25 (1.6%). The economy of the USA obtained point one percent lower inter-annual growth (3.6%), while the rate for Japan showed a more discrete performance with 2.9%.

From the Supply point of view, the only large traditional sectors that grew above the GDP average was Construction, with a 5.7% inter-annual rate, although point one percent below the previous quarter. Nevertheless, the figure for this sector was 1.2% higher than the previous quarter and identical to the inter-quarterly rate for the second quarter.

The industrial sector, while far from the inter-annual rates reached by Construction (5.7%) and Services (3.3%), showed symptoms of acceleration in the revival in the second consecutive quarter. The inter-annual rates for the second and third quarters were 2.3%, but the inter-quarterly progression continues to accelerate: it was 1.8% in the second quarter and grew 2.4% in the third quarter in relation to the second.

The inter-annual growth of Market services was 3.6%, higher than the inter-annual results for the first (3.2%) and second quarter (3.5%). The inter-quarterly trend marked 0.6% progression in the third quarter, lower than the 1.3% of the second quarterly period. Non-market services present a more moderate 2.0% inter-annual rate, both in the second quarter and in the third, although a slight inter-quarterly acceleration was observed (0.5%).

In the primary sector (+0.3%), there was a different trend for the agriculture and fisheries sector. The former fell by 1.3% with regard to the third quarter of 2004 and the latter registered 4.6% inter-annual growth.

From a Demand perspective, the inter-annual growth of the economy continued sustaining internal Demand, which in the third quarter obtained 3.5% inter-annual growth and, in this case, was accompanied by a less negative contribution from the exterior sector than a year before. Total exports registered 2.8% inter-annual growth and total imports grew 2.6% and, consequently, the negative exterior balance fell by an inter-annual rate of 5.5%.

Expenditure on consumption per household maintained the same rate of inter-annual evolution in the second quarter (3.2%) and improved its inter-quarterly profile by point two. The inter-annual growth rate of Expenditure on public consumption fell by 2.7% in the second quarter to 1.8% in the third. The inter-quarterly progression continued positive, but at a lower rate in the last quarer.

Over the first three quarters of 2005, the most dynamic component of Internal Demand was Gross Capital Formation (Investment). Inter-annual growth was 5.0% in the first quarter, 5.2% in the second and 5.1% in the third, two point two percent above final consumption over the whole period. In addition, investment presents a notably positive inter-quarterly profile, accelerating in the third quarter (1.3% inter-quarterly), thanks to the good performance by Construction and the acquisition of capital goods.

Personnel employed was point five percent higher than the level in the second quarter of 2005 and the inter-annual evolution was 2.4% with regard to the third quarter of 2004.

The inter-annual evolution of the GDP in the three provinces of the A.C. of the Basque Country is distributed in this way: the GDP of Alava and Bizkaia grew by a 3.7% inter-annual rate which is identical to the average for the A.C. of the Basque Country, and was point two below the third quarter in Gipuzkoa, with 3.5%.

For further information:

Euskal Estatistika-Erakundea / Instituto Vasco de Estadística
C/ Donostia-San Sebastián, 1 01010 Vitoria-Gasteiz
Tel:+34-945-01 75 00 Fax:+34-945-01 75 01 E-mail:
Contact: Jóse Mª Agirre
Tel:+34-945-01 75 80 Fax:+34-945-01 75 01
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The economy of the A.C. of the Basque Country registered 3.7% inter-annual growth in the third quarter of 2005

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