Friday, February 11, 2011

Basque economy posted 0.8% positive year-on-year growth

The Basque Country Gross Domestic Product (GDP) posted positive year-on-year growth (0.8%) compared to the same quarter of the previous year, once corrected for calendar and seasonal effects, according to the advance data prepared by EUSTAT. It is the third consecutive quarter with positive year-on-year growth after six consecutive negative quarters. Year-on-year growth of the Spanish economy stood at 0.6%, according to the data advanced by the Bank of Spain.

With respect to the previous quarter, the Basque Country GDP registered a 0.2% growth rate for the fourth quarter of 2010. This marks a return to positive growth, after a third quarter with zero quarter-on-quarter growth. This rate is identical to the estimate for the Spanish economy.

The provisional real growth of the Basque Country GDP is calculated to be 0.3% for the year as a whole.

From the point of view of supply, the year-on-year growth in this quarter was underpinned by the relative better performance by Industry and Market Services. Non-market Services posted a more moderate performance and Construction returned to negative figures.

As far as employment was concerned, jobs fell both in year-on-year terms and with respect to the previous quarter. The figure was also negative for 2010 as a whole.

By Mónica

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