Press release 08/03/2024
QUARTERLY ACCOUNTS. IV/2023
The GDP of the Basque Country increased by 1.8% in 2023 and 16,000 more jobs were generated
In the fourth quarter of the year, GDP rose by 1.7% in relation to the fourth quarter of the previous year and by 0.5% in relation to the previous quarter
In 2023 as a whole, the increase in Gross Domestic Product (GDP) was estimated at 1.8% and the increase in employment at 1.7%, according to Eustat estimates. By province, annual GDP growth was estimated at 1.7% in Bizkaia and 1.9% in Álava and Gipuzkoa.
In the fourth quarter of 2023, the GDP of the Basque Country posted an increase of 1.7% compared to the same quarter of the previous year. In relation to the previous quarter, estimated growth stood at 0.5%.
These estimates of GDP growth in the last quarter of the year are up one tenth on those estimated for the Advance Quarterly Accounts of 22 January 2023, in both year-on-year and quarter-on-quarter terms. However, the estimate of GDP growth in the year as whole remained unchanged at 1.8%.
The estimated year-on-year growth for the Basque economy in the fourth quarter of 2023, (significantly higher than that seen in the Eurozone and the European Union as a whole) was 3 tenths below that estimated for the Spanish economy. The most recent estimate of the growth in the United States economy reached 3.1%.
From the perspective of supply, all sectors except the primary sector posted positive year-on-year increases, both in the fourth quarter of the year and in 2023 as a whole.
The Primary sector registered a year-on-year decrease in value added in real terms of 2.6% and of 11.7% in respect of the third quarter. In the year as a whole, the decrease in value added was estimated at 3.0%.
Value added in the Industry sector saw a year-on-year variation rate of 0.1% compared to the same quarter of the previous year, representing an increase of 1.9% with respect to the previous quarter. In the year as a whole, value added rose by 0.3%.
The Manufacturing Industry grew at a slightly faster pace in year-on-year terms, up 0.3%, although in relation to the previous quarter growth was estimated at 1.6%. Growth stood at 0.5% for 2023 as a whole.
GDP m/p. Supply. Chain volume indexes. Year-on-year variation rates. Basque Country (%). 2023/IV
| | 2022 | 2023 | 2022 | 2023 |
| | | | IV | I | II | III | IV |
| AGRICULTURE, FORESTRY AND FISHERIES | -8,7 | -3,0 | -7,3 | 1,3 | -5,9 | -4,4 | -2,6 |
| INDUSTRY AND ENERGY | 4,7 | 0,3 | 2,4 | 1,2 | -0,7 | 0,5 | 0,1 |
| Manufacturing industry | 4,4 | 0,5 | 2,3 | 1,5 | -0,5 | 0,7 | 0,3 |
| CONSTRUCTION | 6,7 | 2,1 | 6,0 | 0,9 | 3,6 | 2,5 | 1,5 |
| SERVICES | 5,9 | 2,4 | 3,7 | 3,0 | 2,2 | 2,1 | 2,3 |
| Trade, accommodation & food services and transport | 14,6 | 3,7 | 8,2 | 5,7 | 3,1 | 3,7 | 2,5 |
| Public administration, education, human health and social work activities | 0,9 | 2,3 | 1,4 | 1,3 | 2,3 | 2,6 | 2,9 |
| -Rest of services | 3,2 | 1,6 | 2,0 | 2,2 | 1,6 | 0,7 | 1,7 |
| GROSS VALUE ADDED at basic prices | 5,5 | 1,8 | 3,4 | 2,5 | 1,5 | 1,7 | 1,6 |
| NET TAXES ON PRODUCTS | 4,6 | 1,6 | 3,1 | 1,8 | 1,0 | 1,5 | 1,9 |
| GROSS DOMESTIC PRODUCT at market prices | 5,4 | 1,8 | 3,4 | 2,4 | 1,5 | 1,7 | 1,7 |
Data corrected for seasonal and calendar effects
Date March 8, 2024
Source: Eustat. Quarterly economic accounts
Value added in the Construction sector was up 1.5% in respect of the last quarter of 2022, following growth of 0.4% in relation to the third quarter of the year. Over the course of 2023, the Construction sector grew by 2.1%.
Global activity within the Services sector in the last quarter of the year was up 2.3% in year-on-year terms and 0.4% in quarter-on-quarter terms.
The Trade, Hospitality and Transport branch saw growth of 2.5% in relation to the same quarter of the previous year, although it was down 0.9% compared to the previous quarter. Activity increased by 3.7% over the course of 2023.
The Public Administration, Education, Health and Social Services branch, with a year-on-year growth rate of 2.9% in the fourth quarter, saw a rise in value added of 1.3% in relation to the previous quarter. Thus, the average increase for 2023 overall stood at 2.3%.
Finally, the activities included in the Other Services branch (such as property; professional; scientific and technical; and financial and insurance activities) as a whole closed 2023 with growth of 1.6% in respect of 2022. In the fourth quarter of 2023, the increase in value added was 1.7% compared to the same quarter of the previous year and 0.9% in relation to the previous quarter.
The aggregated performance by sector in the fourth quarter of 2023 led to an upturn in Value Added both in year-on-year terms (up 1.6%) and in quarter-on-quarter terms (with an increase of 0.7%). The increase in the year as a whole was 1.8%.
GDP m/p. Supply. Chain volume indexes. Quarter-on-quarter variation rates. Basque Country (%). 2023/IV
| | 2022 | 2023 |
| | IV | I | II | III | IV |
| AGRICULTURE, FORESTRY AND FISHERIES | -13,3 | 3,2 | 0,3 | 6,6 | -11,7 |
| INDUSTRY AND ENERGY | 2,3 | 1,1 | -0,9 | -2,0 | 1,9 |
| Manufacturing industry | 2,0 | 1,4 | -0,5 | -2,2 | 1,6 |
| CONSTRUCTION | 1,4 | 0,4 | 0,6 | 0,0 | 0,4 |
| SERVICES | 0,3 | 0,4 | 0,4 | 1,0 | 0,4 |
| Trade, accommodation & food services and transport | 0,2 | 2,1 | 0,4 | 0,9 | -0,9 |
| Public administration, education, human health and social work activities | 1,0 | 0,1 | 0,4 | 1,1 | 1,3 |
| -Rest of services | 0,0 | -0,6 | 0,3 | 1,1 | 0,9 |
| GROSS VALUE ADDED at basic prices | 0,7 | 0,6 | 0,1 | 0,3 | 0,7 |
| NET TAXES ON PRODUCTS | -1,5 | 1,1 | 1,8 | 0,2 | -1,1 |
| GROSS DOMESTIC PRODUCT at market prices | 0,5 | 0,6 | 0,3 | 0,3 | 0,5 |
Data corrected for seasonal and calendar effects
Date March 8, 2024
Source: Eustat. Quarterly economic accounts
From the perspective of Demand, the Final Consumption Expenditure of Households and Non-profit Institutions Serving Households (ISFLSH) (Private Consumption) was 1.5% higher than that estimated in the same quarter of the previous year, following a 0.8% increase in respect of the previous quarter. In 2023 as a whole, Private Consumption was 1.5% higher than in 2022.
In the last quarter of the year, Public Consumption (Final Consumption Expenditure of Public Administrations) posted growth of 1.2% in year-on-year terms, which was a 2.1% increase compared to the previous quarter. In relation to 2022, Public Consumption increased by 1.8%.
GDP m/p. Demand. Chain volume indexes. Year-on-year variation rates. Basque Country (%). 2023/IV
| | 2022 | 2023 | 2022 | 2023 |
| | | | IV | I | II | III | IV |
| FINAL CONSUMPTION EXPENDITURE | 6,0 | 1,5 | 4,4 | 2,0 | 1,2 | 1,6 | 1,4 |
| Household and NPISHs final consumption expenditure | 7,7 | 1,5 | 5,1 | 1,8 | 0,9 | 1,6 | 1,5 |
| Public administrations final consumption expenditure | 0,7 | 1,8 | 2,2 | 2,4 | 2,3 | 1,3 | 1,2 |
| GROSS CAPITAL FORMATION | 8,7 | 2,1 | 4,8 | 1,6 | 2,5 | 2,6 | 1,6 |
| Gross fixed capital formation in equipment goods | 7,1 | 2,1 | 3,2 | 2,4 | 0,9 | 2,4 | 2,5 |
| Rest of Gross Capital Formation | 9,6 | 2,0 | 5,9 | 1,1 | 3,5 | 2,6 | 1,0 |
| INTERNAL DEMAND | 6,7 | 1,7 | 4,5 | 1,9 | 1,5 | 1,8 | 1,4 |
| EXPORT OF GOODS AND SERVICES | 17,1 | 1,2 | 8,6 | 6,3 | -2,5 | -0,6 | 1,6 |
| IMPORT OF GOODS AND SERVICES | 18,7 | 1,0 | 10,2 | 5,4 | -2,3 | -0,3 | 1,3 |
| GROSS DOMESTIC PRODUCT at market prices | 5,4 | 1,8 | 3,4 | 2,4 | 1,5 | 1,7 | 1,7 |
Data corrected for seasonal and calendar effects
Date March 8, 2024
Source: Eustat. Quarterly economic accounts
The overall performance of Final Consumption Expenditure of Public Administrations and Final Consumption Expenditure of Households resulted in year-on-year growth of 1.4% in Final Consumption Expenditure in the last quarter of the year. Compared to the previous quarter, there was an upturn of 1.1%. For 2023 as a whole, the increase in final consumption stood at 1.5%.
In the fourth quarter of the year, Gross Capital Formation (Investment) achieved a year-on-year variation rate of 1.6%. In quarter-on-quarter terms, Investment was up 2.2% and in 2023 as a whole it increased by 2.1%.
The performance of Investment in Capital Goods was positive in the last quarter, with a year-on-year growth rate of 2.5% and a quarter-on-quarter rate of 6.3%. The increase stood at 2.1% for the year as a whole.
In Other Gross Capital Formation, which is more closely linked to the performance of construction, year-on-year growth stood at 1.0%, following a quarter-on-quarter downturn of 0.3%. This type of investment was 2.0% higher in 2023 than in 2022.
GDP m/p. Demand. Chain volume indexes. Quarter-on-quarter variation rates. Basque Country %. 2023/IV
| | 2022 | 2023 |
| | IV | I | II | III | IV |
| FINAL CONSUMPTION EXPENDITURE | 1,2 | 0,4 | 0,3 | -0,4 | 1,1 |
| Household and NPISHs final consumption expenditure | 0,9 | 0,7 | 1,1 | -1,1 | 0,8 |
| Public administrations final consumption expenditure | 2,2 | -0,8 | -2,2 | 2,2 | 2,1 |
| GROSS CAPITAL FORMATION | 3,2 | 1,6 | 0,6 | -2,8 | 2,2 |
| Gross fixed capital formation in equipment goods | 6,2 | 1,9 | -0,1 | -5,3 | 6,3 |
| Rest of Gross Capital Formation | 1,3 | 1,4 | 1,0 | -1,2 | -0,3 |
| EXPORT OF GOODS AND SERVICES | -1,2 | 6,2 | -5,6 | 0,4 | 1,0 |
| IMPORT OF GOODS AND SERVICES | 0,6 | 6,0 | -5,2 | -1,4 | 2,2 |
| GROSS DOMESTIC PRODUCT at market prices | 0,5 | 0,6 | 0,3 | 0,3 | 0,5 |
Data corrected for seasonal and calendar effects
Date March 8, 2024
Source: Eustat. Quarterly economic accounts
The evolution of Internal Demand, with lower growth than that of GDP, meant that the contribution of the foreign sector was positive, both in the last quarter of the year and in 2023 as a whole. Exports rose by 1.6% in the fourth quarter of the year compared to the last quarter of 2022 and Imports were up 1.3%. In 2023 as a whole, there was a 1.2% increase in the case of Exports and a 1.0% rise in the case of Imports.
With regard to employment (measured in Full-Time Equivalent Jobs), a positive variation rate of 1.9% was estimated in year-on-year terms. This year-on-year rate represented growth of 0.3% with respect to the third quarter of 2023. The number of jobs rose by 1.7% over the course of 2023, equivalent to 16,508 more net jobs than in the previous year.
The year-on-year evolution in employment was positive in all activity branches except the primary sector, which saw a decrease of 0.8%. The increases in the other branches compared to the same quarter of the previous year were 1.0% in Industry, 0.4% in Construction and 2.3% in the Services sector.
In terms of the variation in GDP by Province, in the fourth quarter of the year Álava posted a year-on-year rate of 1.5%, Bizkaia of 1.6%, and Gipuzkoa of 1.8%. In relation to the previous quarter, GDP growth stood at 0.4% in Álava and Bizkaia and 0.6% in Gipuzkoa.
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