Press Release 14/09/2009
QUARTERLY ECONOMIC ACCOUNTS (CET) 2nd QUARTER 2009
The GDP for the Basque Country fell by 3.6% in the second quarter of 2009
With respect to the previous quarter, it fell by 1.0%, five percentage points less negative than in the first quarter of the year
The GDP generated by economic activity in the Basque Country registered a decrease of 3.6% in the second quarter of 2009, compared to the same period of 2008, which meant just over one point less growth than that estimated for the previous quarter, according to EUSTAT data.
The year-on-year rate registered by the Spanish economy for the same period was -4.2%, the Euro-16 Zone fell by 4.7%, the EU-27 overall by 4.8% and the US economy decreased by 3.9%.
For the third consecutive quarter, the evolution with respect to the previous quarter was negative, with a 1.% drop, even though it was five tenths less negative than the previous quarter.
This quarter-on-quarter variation was -1.1% in the case of the Spanish economy, -0.2% for the EU-27 and -0.3% for the US economy, with improvements also being registered in all cases on the previous quarter.
From the perspective of the supply sectors, the most intense downturns occurred in the industrial sector (-10.0%) and in the construction sector (-5.2%). The service sector recorded year-on-year negative growth for the first time (-0.5%)- The primary sector was the only one that posted positive growth rates (9.8%).
For the third consecutive quarter, the Industrial Sector registered negative quarter-on-quarter and year-on-year rates, even though its negative quarter-on-quarter evolutions (-2.7%) was up six tenths on the previous quarter (-3.3%).
The Construction Sector has posted five negative quarter-on-quarter and year-on-year rates, and the fall registered by this sector has been more prolonged over time than that of the industrial sector. In the same way as in the industrial sector, even though its quarter-on-quarter evolution was negative (-0.6%), it was more moderate than that of the previous quarter (-1.4%).
In the Service Sector, with a year-on-year decrease of 0.5% overall, its two components performed very differently. The evolution of the Market Services was negative both in terms of year-on-year and quarter-on-quarter comparisons (-1.9% and -0.1%, respectively), while Non-Market Services continues to grow, posting a year-on-year rate of 6.4%, with its performance being determining for the level of activity achieved by the services sector.
The Primary Sector posted a positive year-on-year variation of 9.9%, where the fisheries sub-sector performed better than agriculture.
In terms of Demand, for the first time in many quarters, the contraction of Internal Demand (GDP) (-4.6%) was one point more negative than the contraction of GDP. The negative evolutions of its two main components, Private Consumption and Gross Capital Formation are key to explain this situation. Even though both exports and imports performed negatively, the net contribution of the trade balance was positive and offset the negative evolution of Internal Demand to a certain extent.
By we analyse it by components, Household Final Monetary Consumption Expenditure (Private Consumption) performed negatively for the third consecutive quarter both in year-on-year and quarter-on-quarter terms (-4.6% and -1.0%, respectively).
Final Consumption of General Government (Public Consumption), which includes public expenditure on goods and services, grew by 3.7%, in line with its growth in previous quarters.
Gross Capital Formation (Investment), as the result of the downturn in Construction and investment in capital goods, was the most negative aspect of Internal Demand, with a year-on-year drop of 9.1%. Its quarter-on-quarter evolution was also negative (-3.3%).
Total Exports fell by 16.4% and total Imports were down by 17.0%, which, in short, meant a relative improvement in our Trade Balance.
Employed personnel fell by 4.0% with respect to the second quarter of 2008 and was down by 0.7% compared to the previous quarter. With respect to the average for the previous quarter, seven thousand jobs were lost and 41,000 compared to the same quarter of the previous year. The loss of job in this quarter with respect to the previous one was clearly headed by the industrial sector and by construction to a less degree.
With reference to the evolution of the GDP by province, the sharpest fall was recorded in Álava (-4.1%) in this second quarter, followed by Gipuzkoa (-3.7%) and Bizkaia (-3.5%).
Methodology note: The final annual data for 2007 and the provisional for 2008 of the Economic Accounts of the Basque Country have been included, which have led to changes in the series of the quarter accounts from the 1st quarter of 2007, which have been included in the data for the second quarter of 2009.
For further information:
Basque Statistics Office
C/ Donostia-San Sebastián, 1 01010 Vitoria-Gasteiz
Tlf:+34-945-01 75 00 Fax:+34-945-01 75 01 E-mail: email@example.com
Contact: Jose Javier Aramburu
Tel:+34-945-01 75 06 Fax:+34-945-01 75 01
Online press releases: www.eustat.es