Vice Lehendakari and Minister of Economy, Labor and Employment, Mikel Torres, indicated that the Basque Government predicts economic growth in the Basque Country of 1.9% this year and 2.1% by 2025 and stressed that these data “They far exceed expectations for the eurozone as a whole”.
Torres presented in San Sebastian the results of the economic report of the CES (Basque Economic and Social Council), within the framework of the Summer Courses of the University of the Basque Country (UPV/EHU).
The Minister of Economy appreciated the report’s diagnosis and its relationship with the “transformative” economic policies promoted by the Basque Governmentand confirmed that the Executive is counting on growth of 1.9% this year and 2.1% next year, figures “which far exceed the expectations published for the entire eurozone”.
Likewise, he stressed that in order to achieve the objectives of economic growth “it will be essential that Basque economy maintains current growth rateor approximately 1.8%”.
The Basque Government’s forecasts estimate that this pace “will be maintained and even accelerated in the latter part of this year and throughout the next, as the control of inflation and the fall in interest rates ease the pressures on costs and prices suffered by Basque companies and households”.
European funds
Mikel Torres wanted to highlight the importance that the funds of the European Recovery and Resilience Mechanism will have for the development of economic and employment policies. In the first half of 2024, 2.5 billion euros of these funds have been allocated to Euskadi, half of which is under autonomous management, and of these, 75% have already been allocated to ongoing or completed projects.
“European funds have positively influenced the levels of activity and the macroeconomic data reflected in this report, especially when compared to the European average. Without a doubt, the relaunch of European funds is being an important element in this recovery” he assured.
Torres stressed the importance of the participation of different social agents in the development of the socio-economic report and recalled that economic policies “must generate growth, but also social cohesion, guarantee a fair distribution of wealth and reduce social inequalities.”
