Press release 02/06/2023
QUARTERLY ACCOUNTS. I/2023
The GDP of the Basque Country rose by 2.3% and employment increased by 1.5% in the first quarter of 2023
In relation to the fourth quarter of the previous year, GDP growth was 0.5% and 3,400 net jobs were created
The Gross Domestic Product (GDP) of the Basque Country rose by 2.3% in the first quarter of 2023 in year-on-year terms, according to Eustat data. Compared to the previous quarter (the fourth quarter of 2022), estimated quarter-on-quarter growth rose by 0.5%.
In turn, employment, measured in full-time equivalent jobs, was up 0.3% in the first quarter of the year compared to the previous quarter, which was an increase of 1.5% in respect of the first quarter of 2022.
These estimates, which include all the relevant economic information available at the time they were prepared, were one tenth up on those given for GDP in Eustat’s Advance Quarterly Accounts of 24 April 2023, in both quarter-on-quarter and year-on-year growth. However, the variations estimated for employment remained unchanged.
Year-on-year variation rates of the GDP (%)
Corrected for seasonal and calendar effects
Q4, 2018 Q3, 2019 Q2, 2020 Q1, 2021 Q4, 2021 Q3, 2022 -30.0 -20.0 -10.0 0.0 10.0 20.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 |
Q1, 2000 Q1, 2003 Q1, 2006 Q1, 2009 Q1, 2012 Q1, 2015 Q1, 2018 Q1, 2021 |
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The GDP of the Basque Country registered year-on-year growth of 2.3%, above that estimated for the European Union (1.2%), the Eurozone (1.3%) and the United States (1.6%). For the Spanish economy, the quarter-on-quarter growth estimate was the same as the Basque average (0.5%), however it was higher than the year-on-year comparison (3.8%).
From the point of view of Supply, all sectors, without exception, registered positive growth in year-on-year terms during the first quarter of 2023.
The Primary sector recorded an increase in value added in real terms of 7.4% compared to the same quarter of the previous year, being 7.5% higher than that estimated in the last quarter of 2022.
Growth in the Industry sector accelerated during the first quarter of the year, both in year-on-year terms and in quarter-on-quarter terms. Activity in the sector as a whole was up 1.1% on the first quarter of the previous year, following a rise of 0.9% in relation to the previous quarter. Estimated growth figures for the manufacturing industry were more pronounced in both year-on-year and quarter-on-quarter terms, at 1.4% and 1.3%, respectively.
GDP m/p. Supply. Chain volume indexes. Year-on-year variation rates. Basque Country (%). 2023/I
| | 2021 | 2022 | 2022 | 2023 |
| | | | I | II | III | IV | I |
| AGRICULTURE, FORESTRY AND FISHERIES | 21,9 | 0,8 | -1,7 | -3,4 | 7,8 | 0,7 | 7,4 |
| INDUSTRY AND ENERGY | 6,1 | 4,6 | 6,5 | 5,9 | 3,6 | 2,5 | 1,1 |
| Manufacturing industry | 5,6 | 4,3 | 5,9 | 5,7 | 2,6 | 2,8 | 1,4 |
| CONSTRUCTION | 4,5 | 2,0 | 1,9 | 1,3 | 2,3 | 2,4 | 0,9 |
| SERVICES | 5,8 | 4,7 | 6,2 | 5,4 | 4,2 | 3,3 | 2,9 |
| Trade, accommodation & food services and transport | 11,8 | 10,7 | 13,1 | 13,8 | 9,8 | 6,5 | 5,4 |
| Public administration, education, human health and social work activities | 3,1 | 1,8 | 3,0 | 1,1 | 1,0 | 1,9 | 1,2 |
| -Rest of services | 4,0 | 2,8 | 3,9 | 2,7 | 2,5 | 1,9 | 2,1 |
| GROSS VALUE ADDED at basic prices | 5,9 | 4,5 | 6,0 | 5,2 | 4,0 | 3,0 | 2,4 |
| NET TAXES ON PRODUCTS | 6,1 | 2,9 | 3,9 | 2,9 | 2,6 | 2,1 | 1,6 |
| GROSS DOMESTIC PRODUCT at market prices | 5,9 | 4,4 | 5,8 | 5,0 | 3,8 | 2,9 | 2,3 |
Data corrected for seasonal and calendar effects
Date June 2, 2023
Source: Eustat. Quarterly accounts
In the Construction sector, activity increased by 0.9% compared to the first quarter of 2022, with a 0.4% increase in activity in relation to the previous quarter.
In the Services sector as a whole, there was an estimated 2.9% increase in activity in relation to the same quarter of the previous year. Growth intensity varied by branch during this last quarter. Thus, the branch of Trade, Hospitality and Transport posted an increase in value added of 5.4% in relation to the first quarter of the previous year, following a rise of 1.9% in respect of the previous quarter.
Similarly, year-on-year growth was more moderate in the Other Services branch (which includes property activities; professional, scientific and technical activities; communication; financial and insurance services; and people-related services), with a year-on-year increase of 2.1%. Furthermore, in relation to the fourth quarter of 2022, there was an estimated 0.7% decrease in added value.
In the Public Administration, Education, Health and Social Services branch, the year-on-year growth rate stood at 1.2%, with the same value added as in the previous quarter.
GDP m/p. Supply. Chain volume indexes. Quarter-on-quarter variation rates. Basque Country (%). 2023/I
| | 2022 | 2023 |
| | I | II | III | IV | I |
| AGRICULTURE, FORESTRY AND FISHERIES | 0,8 | 11,5 | 3,3 | -13,3 | 7,5 |
| INDUSTRY AND ENERGY | 2,4 | 0,9 | -3,1 | 2,4 | 0,9 |
| Manufacturing industry | 2,8 | 1,5 | -3,3 | 2,0 | 1,3 |
| CONSTRUCTION | 1,9 | -2,0 | 1,1 | 1,4 | 0,4 |
| SERVICES | 0,6 | 1,1 | 1,1 | 0,3 | 0,2 |
| Trade, accommodation & food services and transport | 2,9 | 2,9 | 0,3 | 0,2 | 1,9 |
| Public administration, education, human health and social work activities | 0,8 | -0,6 | 0,7 | 1,0 | 0,0 |
| -Rest of services | -0,9 | 1,0 | 1,9 | 0,0 | -0,7 |
| GROSS VALUE ADDED at basic prices | 1,1 | 1,0 | 0,1 | 0,7 | 0,5 |
| NET TAXES ON PRODUCTS | 1,5 | 2,5 | -0,3 | -1,5 | 1,0 |
| GROSS DOMESTIC PRODUCT at market prices | 1,1 | 1,1 | 0,1 | 0,5 | 0,5 |
Data corrected for seasonal and calendar effects
Date June 2, 2023
Source: Eustat. Quarterly accounts
The positive year-on-year performance of all sectors caused the Value Added of the Basque Country to rise by 2.4%. With regard to the previous quarter, Gross Value Added stood at 0.5%.
In terms of Demand, Final consumption expenditure of households and non-profit institutions serving households (ISFLSH) (private consumption) posted a year-on-year rise of 1.7%, up 0.6% on the previous quarter.
In turn, Final consumption expenditure of Public Administrations (public consumption) rose by 2.4% compared to the same quarter of the previous year, although it fell by 0.8% in relation to the fourth quarter of 2022.
The overall performance of public and private consumption resulted in a year-on-year increase of 1.9% in Final Consumption Expenditure, which, in relation to the last quarter of 2022, was an increase of 0.3%.
There was a 1.6% increase in Gross Capital Formation (investment), both in year-and-year terms and quarter-on-quarter terms. Investment in Capital Goods registered a 2.4% rise in respect of the same quarter of the previous year, which represented a recovery in quarter-on-quarter terms of 1.9%.
In Other Gross Capital Formation, which is more closely linked to the performance of construction goods, year-on-year growth was more moderate, standing at 1.1%, following an estimated increase of 1.4% in respect of the previous quarter.
GDP m/p. Demand. Chain volume indexes. Year-on-year variation rates. Basque Country (%). 2023/I
| | 2021 | 2022 | 2022 | 2023 |
| | | | I | II | III | IV | I |
| FINAL CONSUMPTION EXPENDITURE | 5,2 | 2,2 | 2,9 | 1,8 | 2,0 | 2,1 | 1,9 |
| Household and NPISHs final consumption expenditure | 5,6 | 3,0 | 3,5 | 3,2 | 2,7 | 2,3 | 1,7 |
| Public administrations final consumption expenditure | 3,9 | -0,4 | 0,7 | -2,9 | -0,4 | 1,2 | 2,4 |
| GROSS CAPITAL FORMATION | 6,0 | 4,4 | 4,7 | 4,8 | 5,1 | 2,9 | 1,6 |
| Gross fixed capital formation in equipment goods | 10,9 | 6,9 | 8,6 | 8,4 | 7,3 | 3,6 | 2,4 |
| Rest of Gross Capital Formation | 3,1 | 2,7 | 2,2 | 2,4 | 3,7 | 2,5 | 1,1 |
| INTERNAL DEMAND | 5,4 | 2,7 | 3,3 | 2,5 | 2,7 | 2,3 | 1,8 |
| EXPORT OF GOODS AND SERVICES | 12,7 | 10,4 | 13,7 | 13,9 | 9,4 | 5,0 | 6,3 |
| IMPORT OF GOODS AND SERVICES | 11,6 | 7,6 | 9,4 | 9,6 | 7,6 | 4,0 | 5,4 |
| GROSS DOMESTIC PRODUCT at market prices | 5,9 | 4,4 | 5,8 | 5,0 | 3,8 | 2,9 | 2,3 |
Data corrected for seasonal and calendar effects
Date June 2, 2023
Source: Eustat. Quarterly accounts
Internal Demand, composed of Final Consumption Expenditure and Gross Capital Formation, rose by 1.8% in year-on-year terms in the first quarter of the year. This growth was below that estimated for GDP as a whole (2.3%), for which the contribution of the Foreign Sector was once again positive in this first quarter of the year. In effect, Exports of goods and services increased by 6.3% in year-on-year terms, more sharply than Imports, which were up 5.4%. The foreign balance therefore contributed positively to the year-on-year performance of the economy of the Basque Country as a whole.
GDP m/p. Demand. Chain volume indexes. Quarter-on-quarter variation rates. Basque Country %. 2023/I
| | 2022 | 2023 |
| | I | II | III | IV | I |
| FINAL CONSUMPTION EXPENDITURE | 0,4 | 1,0 | -0,6 | 1,2 | 0,3 |
| Household and NPISHs final consumption expenditure | 1,2 | 2,0 | -1,8 | 0,9 | 0,6 |
| Public administrations final consumption expenditure | -1,9 | -2,1 | 3,1 | 2,2 | -0,8 |
| GROSS CAPITAL FORMATION | 2,9 | -0,2 | -2,9 | 3,3 | 1,6 |
| Gross fixed capital formation in equipment goods | 3,1 | 1,4 | -6,7 | 6,2 | 1,9 |
| Rest of Gross Capital Formation | 2,8 | -1,3 | -0,3 | 1,4 | 1,4 |
| EXPORT OF GOODS AND SERVICES | 4,9 | 2,9 | -1,6 | -1,2 | 6,2 |
| IMPORT OF GOODS AND SERVICES | 4,7 | 2,3 | -3,5 | 0,6 | 6,2 |
| GROSS DOMESTIC PRODUCT at market prices | 1,1 | 1,1 | 0,1 | 0,5 | 0,5 |
Data corrected for seasonal and calendar effects
Date June 2, 2023
Source: Eustat. Quarterly accounts
In relation to the level of employment (measured in Full-Time Equivalent Jobs), employment as a whole grew by 1.5% compared to the first quarter of 2022, following a rise of 0.3% in respect of the previous quarter.
The Primary sector showed a 1.4% decrease in employment in year-on-year terms, although the number of jobs increased by 1.5% compared to the previous quarter. In Industry, the year-on-year rise in jobs stood at 0.8%, a figure 0.3% higher than that of the previous quarter. In Construction, the evolution in employment was also positive in year-on-year terms (up 1.2%), although in quarter-on-quarter terms performance was negative (down 1.5%). Finally, the number of full-time equivalent jobs in the Services sector increased both in year-on-year terms (up 1.8%) and in quarter-on-quarter terms (0.5%).
As regards GDP performance by Province in the first quarter of 2023, Álava posted year-on-year growth of 2.5%, Gipuzkoa of 2.4% and Bizkaia of 2.2%. Compared to the last quarter of 2022, Álava also registered the best GDP performance, with growth of 1.0%. In Gipuzkoa and Bizkaia, quarter-on-quarter growth stood at 0.5% and 0.4%, respectively.
For further information:
Eustat - Euskal Estatistika Erakundea / Basque Statistics Institute
C/ Donostia-San Sebastián, 1 01010 Vitoria-Gasteiz
Press Service: servicioprensa@eustat.eus Tel.: 945 01 75 62