Spain | Basque Country Economic Outlook 2020

Summary

The economy of the Basque Country may shrink by 10.5% this year, and grow 5.8% in 2021, losing 22,000 jobs. The impact of the crisis was heterogeneous during the first semester, as it is the recovery. Public policies allow to lower job losses, but risks push the perspectives downward.

Key points

• Key points:
• By the end of 2021, the GDP of the Basque Country may be 5.3% below its 2019 level
• The lower proportion of social consumpltion makes the household´s expense not to be as affected as in Spain
• Heterogeneous impact dacross urban areas, personal characteristics and sectors
• Broad consensus is needed to put in place much needed public policies
• The main uncertainty is related to the control of the pandemy. Weak exports and industrial production

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