Press Release 25/11/2015
The GDP of the Basque Country registered 3.0% year-on-year growth in the third quarter of 2015
Growth was 0.8% compared to the previous quarter
The GDP of the Basque Country saw growth of 3.0% in the third quarter of 2015 with respect to the same quarter of the previous year, according to Eustat data. This is equivalent to an increase of three tenths on the growth registered in the preceding quarter. With regards to the previous quarter, the variation was 0.8%. This data confirms the yearly and quarterly rates provided in the Advance quarterly accounts for 29 October.
Growth in the Basque economy in the third quarter of 2015 has equalled that registered by the Spanish economy in quarter-on-quarter terms, but was four tenths lower in year-on-year terms, one point four percent higher than the growth of the Eurozone-19 (+1.6%).
From the point of view of supply, year-on-year GDP growth was due to the positive performance of both the industrial sector and the services sector, while the primary sector and construction posted negative trends.
In more detail, the Industry sector posted, in this quarter, a positive year-on-year growth rate of 3.2%, which is one-tenth higher than that of the second quarter. This year-on-year growth shows a growth rate of 0.9% compared to the previous quarter. The Manufacturing Industry grew at a rate one tenth higher (3.3%), with a positive quarter-on-quarter rate of 1.0%.
After the first two quarters of the year showed positive annual growth, the Construction sector once again posted negative rates, with a decrease of 0.2%, which is four tenths below the rate of the second quarter. Activity has grown by 0.6% compared to the previous quarter.
Global activity within the Services sector recorded positive variations in both year-on-year terms and quarter-on-quarter terms: 3.3% and 0.7% respectively.
Year-on-year growth of 3.3% in Services is the result of the positive performance of all sub-sectors. The branches of both Trade, Hotel Management & Catering and Transport and Other Services, which includes, amongst others, professional, financial and insurance activities, showed the highest growth rate, of 3.5% in the first case and 3.7% in the second. The first of the two branches registered an improvement of two tenths over the annual rate of the first quarter, while the improvement in Other Services was four tenths. The branch of Public Administration, Education, Health and Social Services posted a positive rate in year-on-year terms of 2.2%, one tenth lower than the previous quarter.
Regarding quarter-on-quarter variation, all sub-sectors registered positive growth rates, and the activities related to Other Services posted the highest quarter-on-quarter rate, standing at 0.9%. The branches of both Trade, Hotel Management & Catering and Transport and Public Administration, Education, Health and Social Services also posted positive rates, of 0.5% and 0.3% respectively.
The aggregated performance by sector has given rise to an upturn in Added Value of 2.9% in year-on-year terms, maintaining the positive balance initiated in the first quarter of 2014. This is an improvement of two tenths over the year-on-year figure of the previous quarter. There was also a 0.8% rise in the quarter-on-quarter rate.
From the point of view of Demand, the positive growth rates of Internal Demand were consolidated with growth of 3.1% in year-on-year terms, an increase of four tenths on the previous quarter. Furthermore, as in the previous quarter, this positive performance is reflected in its two components, Final Consumption Expenditure and Gross Capital Formation. With regards to the foreign sector, it is worth noting that its contribution was slightly negative, resulting in higher annual import rates than export rates.
Final Consumption Expenditure of Households (Private Consumption) maintained an identical annual rate of growth as that of the second quarter. Growth in this quarter was 3.3%, placing the quarter-on-quarter rate at 0.6%.
Public Consumption (Final Consumption Expenditure of Public Administrations) grew by 3.2% in year-on-year terms (two point one percent higher than the previous quarter), which means a quarter-on-quarter growth rate of 0.7%.
The overall performance of the Final Consumption Expenditure of Public Administrations combined with the Final Consumption Expenditure of Households led to a upturn of 3.3% in Final Consumption Expenditure. With regards to the previous quarter there was an upturn of 0.6%.
Gross Capital Formation (Investment) grew at a positive year-on-year rate of 2.2%, four tenths more than that registered in the previous quarter. The quarter-on-quarter growth rate stood at 1.0%. Once again this overall performance of investment was based on two trends of different intensity. The variation of investment in capital goods showed a more positive trend, with a year-on-year growth rate of 7.4%, which equates to a quarterly increase of 3.9%. The rest of Gross Capital Formation, which is more closely related to trends in the construction sector, posted a negative year-on-year growth rate (-0.1%), with a decrease of 0.3% in the quarter-on-quarter rate.
With regards to employment (measured as Full-time Equivalent Jobs), there was an overall increase of 1.8% in year-on-year terms, which was the sixth consecutive rise. This year-on-year rate means a 0.3% growth with respect to the second quarter of 2015.
Once again, variation in the level of employment with respect to the same quarter of the previous year was positive in the primary and services sectors, and negative in Industry and Construction. The Services sector, whose annual rate grew by 2.5%, stands out for its total volume of employment, and the Primary sector also grew at a rate of 3.4%. Year-on-year downturns were registered in Industry (-0.2%) and in Construction (-0.5%).
In quarter-on-quarter terms, three of the four major sectors posted positive rates. The primary sector registered an upturn of 1.9%, while the services sector grew by 0.2%. It is worth noting that the industrial sector once again grew by 0.3% in quarter-on-quarter terms. Construction registered a practically zero growth rate (0.0%).
Regarding variation in GDP by Province, Álava showed the largest growth in year-on-year terms, at 3.4%, while Bizkaia and Gipuzkoa grew by 2.9%.
In quarter-on-quarter terms Álava was up by 1.1%, Gipuzkoa by 0.8% and Bizkaia by 0.7%.
For further information:
Eustat - Euskal Estatistika Erakundea / Instituto Vasco de Estadística
C/ Donostia-San Sebastián, 1 01010 Vitoria-Gasteiz
Press Service: email@example.com Tlf: 945 01 75 62
More press releases on the quarterly accounts of the Basque Country (CET)
Quarterly accounts of the Basque Country. Databank (CET)