Press Release 30/01/2019


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The GDP of the Basque Country grew at an annual rate of 2.8% in 2018

In the fourth quarter of 2018 it rose at an annual rate of 2.4%

The 2018 GDP balance closed with average growth of 2.8%, one tenth lower than the 2.9% observed in 2017, according to Eustat data. For 2018 overall, employment, measured in full-time equivalent jobs, has increased by 2.1% compared to the previous year, that is, 19 thousand full time equivalent jobs were created throughout 2018.

In the fourth quarter of 2018, GDP increased 2.4% in year-on-year terms, once corrected for calendar and seasonal effects. This is two tenths lower than the growth estimated in the third quarter of 2018.

Compared to the previous quarter, the estimated variation rate is 0.5% and coincides with that estimated in the previous quarter

From the perspective of supply, the year-on-year and quarter-on-quarter growth in the final quarter of 2018 is primarily due to the good performance of the construction and primary sectors and, to a lesser extent, the services sector as a whole. However, in the industrial sector there was an increase in the deceleration observed over the last quarters.

Employment, measured as full-time equivalent jobs, increased by 1.9% compared to the same quarter of the previous year, one tenth lower than the growth observed in the previous quarter. In contrast, corrected and deseasonalised year-on-year growth was estimated at 0.5%, one tenth higher than that estimated in the previous quarter.

For further information:

Eustat - Euskal Estatistika Erakundea / Basque Statistics Institute C/ Donostia-San Sebastián, 1 01010 Vitoria-Gasteiz Press Service: Tel: 945 01 75 62

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The GDP of the Basque Country grew at an annual rate of 2.8% in 2018

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