The GDP of the Basque Country posted 0.1% positive quarter-on-quarter growth

The Basque Country Gross Domestic Product (GDP) posted 0.1% growth in the first quarter of 2010 with respect to the previous quarter, once corrected for calendar and seasonal effects, according to the advance data prepared by EUSTAT. It is second quarter of positive growth since the downturn that started in the last quarter of 2008 and following the positive upturn noted in the previous quarter, and coincides with that posted for the Spanish economy, according to the advance estimates of the Spanish National Statistics Institute.

The year-on-year variation in the GDP of the Basque Country was -0-6% with respect to the same quarter of the previous year, compared to a year-on-year downturn of 2.5% in the fourth quarter of 2009. The year-on-year rate for the Spanish economy shrunk by 1.3%, according to the advance estimates.

The reasons for these upturns are thanks to the relatively better performance by the service sector, along with a more moderate and even negative performance by industry and the construction sector compared to the previous quarter.

In terms of employment, however, there was a downturn with respect to the previous quarter, with job losses of around 1%.

For further information:

Euskal Estatistika-Erakundea / Instituto Vasco de Estadística
C/ Donostia-San Sebastián, 1 01010 Vitoria-Gasteiz
Tel.: +34-945-01 75 00 Fax: +34-945-01 75 01 E-mail: eustat@eustat.es
Contact: Javier Aramburu
Tel:+34-945-01 75 06 Fax:+34-945-01 75 01
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