Confebask forecasts that the Basque economy will grow by 1.5% in 2023 and that there will be more employment

Euskaraz irakurri: EAEko ekonomia % 1,5 haziko da 2023an eta enplegua sortuko da, Confebasken arabera

The Basque employers’ association, Confebask, foresees that in 2023 in the Basque Country an increase in GDP of around 1.5% and more employment, although it notes a slowdown in the rate of growth.

The president of Confebask, Isabel Busto and the general secretary Eduardo Aretxaga, have presented the business organization’s situation report and its forecasts for 2023, which are halfway between those of the Basque Government, which calculates a rise of 2.1 % in the coming year, and those of BBVA, which remain at 0.8%.

According to Confebask, the Basque economy will close this year with GDP growth close to 4.2%, by registering a second semester of almost flat growth, with some 15,000 more affiliates to Social Security, up to close to a million (993,255, with data from November); and an unemployment rate of 8%.

For the year 2023the employer foresees a growth of around 1.5%, although this forecast is part of numerous uncertainties -such as the war in Ukraine- and depending on how they evolve, the final growth could oscillate in a range between 0 % and 2.5%.

In any case, the slowdown of the Basque economy will continue in 2023, despite which growth will be higher than that of Europe and that of the Spanish economy.

Employment will continue to be the main strength. The forecast is that they can win 10,000 new affiliatesuntil exceeding the figure of one million contributors, although the rate of job creation will drop compared to this year.

With it, the unemployment rate will drop in Euskadi to 7%one point below the unemployment rate this year and a rate similar to the European average.