Press release 11.05.12
GDP in the Basque Country registered a 0.3% year-on-year decrease
Compared to the previous quarter, the variation was also -0.3%
The Gross Domestic Product (GDP) of the Basque Country posted a year-on-year fall of 0.3% compared to the same quarter of the previous year, once corrected for calendar and seasonal effects, according to the advance data prepared by EUSTAT. This data indicates a return to negative year-on-year rates that have not been recorded since the first quarter of 2010. The year-on-year variation of the Spanish economy stood at -0.4%, according to advance data from the National Statistics Institute.
Compared to the previous quarter, the growth rate for GDP in the Basque Country in the first quarter of 2012 registered a negative value of -0.3%, the second negative rate following eight quarters of positive quarter-on-quarter growth. This rate was identical to the estimate for the Spanish economy.
From the point of view of supply, the causes of this decreasing year-on-year trend in this quarter must be looked for in the negative evolution both of industry and construction, as well as the slowdown of the market services sector. Both the primary and non-market services sectors recorded positive growth.
Employment, measured as jobs, showed a reduction both with respect to the same quarter of the previous year, with a drop of 1.7%, and with respect to the previous quarter, with a drop of 0.8%.
For further information:
Basque Statistics Office
C/ Donostia-San Sebastián, 1 01010 Vitoria-Gasteiz
Tel: +34-945-01 75 00 Fax: +34-945-01 75 01 E-mail: email@example.com
Contact: Javier Aramburu
Tel+34-945-01 75 80 Fax:+34-945-01 75 01
Further press releases on the Advance Quarterly Economic Account of the Basque Country (ACET)
Advance Quarterly Economic Account of the Basque Country (ACET) databank