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The Basque Country closes 2021 with an increase in GDP of 5.6% and a rise in employment of 5.5%

The Basque Country closes 2021 with an increase in GDP of 5.6% and a rise in employment of 5.5%

For its part, the fourth quarter of the year closed with a year-on-year growth of 4.7%, which represents a growth of 1.3% compared to the previous quarter.

The Gross Domestic Product (GDP) of the Basque Autonomous Community (CAV) has grown by 5.6% year-on-year in the year 2021 and have been created 49,120 net jobsmeasured in full-time equivalent jobs, 5.5% more than in 2020, according to estimates made by the Basque Institute of Statistics, Eustat.

By province, the recovery of GDP was 6.1% in Álava, 5.7% in Gipuzkoa and, lastly, 5.3% in Bizkaia. This places the growth of the CAV in the whole of 2021 six tenths above that of Spain and four above that of the European Union.

As for the fourth quarter of 2021, the GDP of the Basque Country has registered a growth of 4.7% compared to the same quarter of the previous year; Compared to the third quarter of 2021, the estimated quarter-on-quarter variation rate stood at 1.3%.

The estimate of year-on-year growth for the fourth quarter of 2021 is two tenths higher than that estimated by Eustat in the Preview of Quarterly Accounts on January 17 and the quarter-on-quarter exceeds it by one tenth.

Source: Eustat

From the supply point of view, all sectors have registered increases positive interannual, both in the fourth quarter of the year and in the whole of 2021.

The primary sector has registered a growth of added value in real terms of 2.6% with respect to the same quarter of the previous year, although with respect to the third quarter it has suffered a contraction of 16.9%. For the year as a whole, the growth rate has been estimated at 1.8%.

The Industry presents an interannual variation rate of 4.3% with respect to the same quarter of the previous year, which represents a growth with respect to the third quarter of 2021 of 2.1%.

The Manufacturing industry it has grown at a slower rate than the industry as a whole, with estimated rates of 3.8% in year-on-year terms and 0.9% in quarter-on-quarter terms. In 2021 as a whole, the added value of Industry was 8.5% higher than in 2020 and that of Manufacturing Industry was 9.2%.

behavior in the industry Building has been more moderate, with a rise in value added in the last quarter of 2021 of 0.5% compared to the last quarter of 2020, and 0.9% compared to the third quarter of 2021. Throughout the In 2021, the Construction sector has grown by 2.4%.

The overall activity of service sector in the last quarter of the year it has advanced by 5.4% in interannual terms and 1.4% in interquarterly terms. The behavior of the Services has been uneven by branches. The branch of Commerce, hotels and transportation presents a growth of 12.2% in relation to the same quarter of the previous year and 3.2% with respect to the previous quarter. The increase in activity throughout the year 2021 has stood at 8.9%.

In the branch of Public administration, education, health and social services, growth has been sustained, but more modest, with a growth rate of 2.6% year-on-year in the fourth quarter after a quarter-on-quarter decline of 0.1% . The average increase for the whole of 2021 was 2.5%.

Lastly, the activities encompassed in the Other services branch, such as, among others, real estate, professional, scientific and technical activities, as well as financial and insurance activities, as a whole closed 2021 with year-on-year growth in fourth quarter of 3.1% and quarter-on-quarter growth of 1.1%. The estimated rise for the year as a whole reached 4.1%.

From the Demand side, the behavior of Internal Demand has been less positive than that of GDP both in the last quarter of the year, with a growth of 3.1%, and in the whole of 2021, with a rise 5.1%.

The evolution of Internal Demand, with a growth lower than that of GDP, determines that the contribution of the foreign sector has been positive, both in the last quarter of the year and in the whole of 2021. Thus, Exports have increased in the fourth quarter of the year 11.1% compared to the last quarter of 2020 and Imports have done so by 8.1%. In the whole of the year 2021, the rise was 11.8% in the case of Exports and 10.8% in that of Imports.

In relation to employment (measured in full-time equivalent jobs) in interannual terms, a variation of 4.6% has been estimated. This year-on-year rate represents a growth of 0.4% compared to the third quarter of 2020. These figures mean that, throughout 2021, the number of jobs has increased by 5.5%, which represents 49,120 jobs. net jobs plus.

The year-on-year evolution of the level of employment has been positive in all branches of activity. The increases in relation to the same quarter of the previous year have been 1.3% in the primary sector, 2.3% in Industry, 3.1% in Construction and 5.5% in Services . The creation of full-time equivalent jobs in 2021 was 128 in the primary sector, 7,153 in Industry, 3,060 in Construction and 38,780 in Services.


Source: Eitb

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