Press release dated 15/11/2010
The GDP for the Basque Country registered 0.6% year-on-year growth in the third quarter of 2010
There was zero growth on the previous quarter
The GDP of the Basque Country registered growth of 0.6% in the third quarter of 2010, compared to the same period of 2009, according to EUSTAT data. Year-on-year growth was one tenth up on the previous quarter.
This figure stood at 0.2% for the Spanish economy, 2.1% for European-27 overall, for the 1.9% for the Euro-16 zone and 3.1% for the US economy.
With respect to the previous quarter, the GDP of the Basque Country registered zero growth (0.0%), after positive growth in the three previous quarters. This quarter-on-quarter variation was similar to the one posted for the Spanish economy, while the rate for both the EU-27 and the Euro Zone-16 was 0.4% and the variation posted by the US economy was 0.5%.
From the point of view of supply, year-on-year growth in this quarter was responsible for the better performance by the primary and industrial sectors. The service sector posted positive growth, but more moderately than in the previous quarter. However, the activity of the Construction sectors continued and even increased in its negative trend of the two previous quarters.
The primary sector posted significant year-on-year (18.3%) and quarter-on-quarter growth (5.2%).
For the second consecutive quarter, the industry sector maintained positive year-on-year and quarter-on-quarter growth rates. The year-on-year performance (1.4%) was five tenths higher than the figure for the previous quarter, while in quarter-on-quarter terms, the growth rate, even though it was still positive (0.4%) was five tenths lower than for the second quarter of the year.
The Construction sector, in contrast to the performance of industry, again posted negative rate both in terms of the previous quarter and the same year of the previous year. The drops were even sharper than in the previous quarter and stood at a year-on-year rate of 6.1% and a quarter-on-quarter one of 0.9% for both the building and civil work sub-sectors.
The overall performance of the Services sector showed a certain slowing down in its year-on-year and quarter-on-quarter rates. The year-on-year rate grew at 0.7%, two tenths lower than in the previous quarter, and its performance was constant in quarter-on-quarter terms, with a rate of 0.0%, compared to the positive four tenths of the previous quarter.
In this third quarter of 2010, the Market Services performed more moderately than in the second quarter. The year-on-year rate was one tenth down at 0.9% and the quarter-on-quarter rate fell by 0.1%, that is four tenths less than in the second quarter of 2010.
The Non-Market Services also posted lower rates, with a 0.3% drop in the year-on-year rate while the quarter-on-quarter rate rose by 0.4%, even though its was five tenths down on the previous quarter.
The most noteworthy fact in the economic performance in terms of Demand was the downturn in Internal Demand in practically all its components, a fall that was partially offset by the better performance of the foreign sector.
Spending on Final Household Consumption (Private Consumption) posted a year-on-year growth rate of 1.2%, two tenths down on the rate for the previous quarter, which involved a fall of 0.9% with respect to the previous quarter, after three quarters with positive quarter-on-quarter rates.
Public Consumption (Spending on Final Consumption of the Public Authorities) also performed more moderately, after a second quarter with year-on-year and quarter-on-quarter rates over those posted for the first quarter of the year. In this third quarter, there was a negative year-on-year rate (-0.2%) and the quarter-on-quarter rate (0.3%), even though it was positive, was five tenths more moderate than in the previous quarter.
The performance of the Gross Capital Formation (Investment) is mainly determined by that of the Construction and Capital Goods sectors. It was the only component of Internal Demand that remained at negative rates in the last nine quarters, even though the year-on-year (-2.9%) and quarter-on-quarter (-0.1%) rates had slowed down.
The performance of both Private and Public Consumption and of the Gross Capital Formation, along with their relative weights, determines the performance of Internal Demand, which posted a zero growth rate (0.0%) compared to the same quarter of 2009 and which was five tenths up on the negative year-on-year rate of the second quarter. Now, in quarter-on-quarter terms, the performance of Internal Demand was negative, down eight tenths, which meant a rate that was one point down on the quarter-on-quarter rate for the second term.
As far as the foreign sector was concerned, the most important fact was its positive contribution to the performance of the GDP. In year-on-year terms, exports performed better (9.1%) than imports (8.0%), which resulted in a stronger balance with the rest of the world. After two quarter with positive quarter-on-quarter foreign trade rates (both imports and exports), exports fell by 3.0% and imports by 1.1% in this third quarter.
With respect to employment, job figures remained constant (0.0%), compared to the second quarter, and posted a negative rate of 0.2%, compared to the same quarter of the previous year, even though they were lower than the previous quarter, where they fell by 0.6%. By sectors, agricultural, industry and construction lost jobs both in terms of the year-on-year and quarter-on-quarter figures, while the sector services performed more strongly, with positive year-on-year and quarter-of-quarter rates of 1.5% and 0.2% respectively.
With reference to the evolution of the GDP by provinces, Álava posted the best performance in year-on-year rates, with growth of 2.9%, followed by Bizkaia (0.3%) and Gipuzkoa where the rate remained unchanged (0.0%). In quarter-on-quarter terms, Álava posted a negative rate of 0.3%, while Bizkaia remained unchanged on the previous quarter (0.0%) and Gipuzkoa grew by 0.2%.
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: firstname.lastname@example.org
Contact: Javier Aramburu
Tel:+34-945-01 75 06 Fax:+34-945-01 75 01
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