By 2025, by 2025, the CAIXABANK study was 2% of GDP growth due to the influence of US tariff policy, compared to 2.4% designed for all Spain. The Catalan Bank study service warns that the US tariff policy will have a “greater influence on Eskadi”, so the growth of the Basque Autonomous Community’s economy will remain behind the country.
According to CAIXABANK studies, 2025 began in ECKADI with a growth of 1.6% to March, compared with 2.6% of the average, “something better” than last year, in which the economy of the Basque country showed a “slightly larger” tone than in Spain, closing the GDP growth of 2.8% compared to national national.
This height is below the average, the report explains mainly for “the weakness of the industry with a high weight in the region, in turn, affected by atonia of external demand.” And this is that Basque industrial activity is demonstrated “very weak over the past two years, weighed from the atony of global demand and the deterioration of energy branches affected by the normalization of prices,” he says.
After the “strong return” of the previous year, the IPI “did not raise the head” in 2024 (-0.2% compared with 0.7% of the national), and in early 2025 it retreated 1.6% in annual calculus until April (-0.3% in Spain). Thus, it remains “far”, 6.1% lower than the level of 2019 (-0.9% throughout Spain).
In addition, export also suffers from “remarkable deterioration, which intensified last year, when they gained 5.1%of the failure, one of the most intense at the regional level, and this contrasts with the stagnation of the average stagnation in the country,” the study collects.
Nevertheless, he emphasizes that “the direction of export of electrical devices, engines and industrial mechanisms widely opposed the failure of sales of transport, automobile and semi -production materials, especially iron and steel.”
European funds
Nevertheless, the Catalan Banking Department of Banko emphasizes the “reliability” of residential construction and services, especially trade, hospitality and transport. He also indicates that the country of the Basque country can be “one of the territories that can most benefit from European funds”, which, along with a decrease in financing costs, trusts the fact that investments become an “growth engine”, that along with the content of inflation and reducing interest rates, they can contribute to consumption reactivation.
As for the labor market, the study indicates that Euskadi is “somewhat less dynamic” than all of Spain. After growth of 1.5% in 2024, which is almost at the point below the average, affiliated persons slow down their progress in early 2025 and grow by 1.0% -on -a distinctive in May, the second is the weakest report of all autonomous communities (2.2% in Spain).
Even with all, last year, creating employment in transport, professional activities and health and unemployment level is one of the lowest in the country (7.7% in the first quarter of 2025 compared to 11.4% of the country in the country).
