The trend in the economy of the Basque Country has in general been positive, in that GDP and VAN have risen, despite the global crisis and the pandemic that hit in 2009 and 2020. In 2022 GDP per capita in the Basque Country was 35,309 euros, in line with the European average. However, in Europe big differences can be seen between the most prosperous regions and the least developed ones, with a GDP per capita varying between 3,700 and 90,400 euros.
In the Basque Country, the service sector accounts for the majority of gross added value, at around 65%. The contribution of industry has fallen slightly in recent years, but it remains an important part of the economy of the Basque Country, also in relation to other industrialised European regions.
From 2000 to 2021, several European regions underwent significant changes in industrial added value, some seeing sharp decreases and other rapid increases. In the Basque Country, industrial growth was 45.2%, a moderately upward trend, similar to that observed in other industrialised regions.
The evolution of the volume and destination of exports reflects the stability of Basque exports and the fluctuations arising from the pandemic, as well as the maintenance of their main markets, Spain, France and Germany first among these.
As in the case of exports, Spain leads in imports to the Basque Country, though the share of China and the United States is rising. On the other hand, the consequences of the pandemic had a significant impact in 2020, but recovery was rapid in the following years, especially in 2021 and 2022.
In recent years, the Basque Country’s balance of trade has tended to weaken, primarily because of the considerable increase in imports. However, exports have grown steadily, and in 2023 the balance of trade improved slightly. These figures indicate that the economy of the Basque Country is increasingly dependent on trade beyond its territory.
The Basque Country is similar to the European average for investment in R&D, though there are regions that sustain a faster pace in creating high-tech jobs.
With regard to the evolution of productivity, there are European regions that have progressed, such as Belgium, Bulgaria and some German regions, achieving high productivity rates. The Basque Country has also made progress, though it remains behind them. Other regions, such as Greece and Spain, have seen a negative trend. the Basque Country stands at 104.98 points, similar to the European average.
the Basque Country has a moderate GFCF rate, which has remained steady in recent years at below the European average. Other European regions and states have large fixed investments, and the Basque Country is in the bottom half in this respect.
From the year 2000 to 2022, pay per worker in the Basque Country rose by 14,650 euros, to reach 40,929 euros in 2022. In the year 2000, pay per hour worked stood at 15.9 euros, while by 2021 it had risen to 26.25 euros. These figures place the Basque Country slightly above the EU27 average, but less than half that of some regions in the EU27.
Disposable income in the Basque Country, at 19,584 euros in 2021, is above the average disposable income in the European Union (17,800 euros), but is far below that of some countries in the north and west of Europe, such as Luxembourg (36,700 euros) or Sweden (26,000 euros). On the other hand, Eastern European countries have much lower incomes, for example Bulgaria, with 4,500 euros, and Romania, around 7,000 euros. Thus, the Basque Country is among the countries with high disposable income, but still faces challenges in competing with higher-income countries.