in Bilbao head-office building in Bilbao , one of several
science parks located in the Basque Country The Basque Autonomous Community
ranks first in Spain in terms of per capita product, it's the most
economically productive region of the country with a
gross domestic product (GDP) per capita (adjusted to purchasing power parity, PPP) being 22% higher than that of the
European Union and 30% higher than Spain's average in 2016 at €34,400. In 2019, the community showed a surplus in public finances, at 0.3% of the GDP. Industrial activities were traditionally centred on steel and shipbuilding, mainly due to the rich
iron ore resources found during the 19th century around Bilbao. The Estuary of Bilbao was the centre of Euskadi's
Industrial Revolution during the 19th and the first half of the 20th century. These activities decayed during the
economic crisis of the 1970s and 1980s, giving ground for the development of the
services sector and new technologies. tram car assembled in
CAF Beasain (Gipuzkoa) Today, the strongest industrial sectors of the Basque Country's economy are the
manufacturing sector, present in the valleys of Biscay and Gipuzkoa;
aeronautics and
logistics in Vitoria-Gasteiz; and
finance and
energy, in Bilbao. The biggest companies in the Basque Country are:
BBVA, one of the largest
financial institutions in the world and Spain's second largest bank; the multinational energy company
Iberdrola (both of them have their headquarters in Bilbao);
Mondragón Cooperative Corporation, the largest
cooperative in the world;
railway vehicle manufacturer
CAF and
Gamesa, the world's second largest
wind turbine manufacturer. Eight out of ten Spanish municipalities with the lowest unemployment rates were found across this autonomous community in 2015, highlighting such towns as
Arrasate,
Portugalete and
Barakaldo with a strong manufacturing industrial make-up. The Basque Autonomous Community ranked above other communities in Spain in terms of resilience in the face of the economic crisis, going on to become a beacon and a subject of study in Europe. In 2013 the Basque Country outperformed Spain in several parameters, but economic overall figures were highly variable. Spanish figures are subject to conspicuous seasonal fluctuation, relying on its tourist and services sectors, while Basque performance is rather based on mid- and long-term results, according with its more industrial focus. In the last quarter of 2017, unemployment in this autonomous community rose to 11.1% (8.43% in
Gipuzkoa), second lowest in Spain after
Navarre, at a percentage slightly higher than the EU average (10.8%), but still ahead of the Spanish overall unemployment rate of around 16.55%, the second highest in the EU.
Unemployment rate (December data) (%) In regards to GDP performance, 2017 was a remarkably positive year for the Basque Autonomous Community. It underwent an increase in GDP of 3.0%, close to the Spanish increase, 3.1%. In the last term of 2013, the public debt of the Basque Autonomous Community stood at 13.00% of its GDP, totalling €3,753 per capita, as compared to Spain's overall 93.90%, totalling €20,383 per capita. The Basque Government's high-ranking officials, as well as Basque-based party leaders and personalities, have protested and voiced their concern over the detrimental effects of austerity measures passed by the Spanish Government as of 2011, overruling Basque taxation powers, may be having on industry and trade, especially export. Basque officials have strongly advocated for participation, along with Navarre, in the
Ecofin, with a full membership, in order to defend Basque interests in line with Basque reality and fiscal status, and not as a Spanish subsidiary.
Transport in
Eibar The strategic geographical location of the Basque Country as a link between the northwest and centre of Spain and the rest of Europe makes this territory heavily transited.
Road The main backbones of road transport are the
AP-8 motorway which links Bilbao, San Sebastián and the French border and the
A-1 motorway which links San Sebastián and Vitoria-Gasteiz with central Spain. Other important routes include the
AP-68 motorway which links Bilbao with the Mediterranean.
Rail Euskal Trenbide Sarea (
Basque Railway Network) is the Basque Government-owned company that maintains and creates the railway infrastructure in the autonomous region.
Euskotren is the Basque Government-owned
narrow gauge rail company that operates commuter services in Bilbao and San Sebastián, intercity Bilbao-San Sebastián service, and
Euskotren Tranbia tram services in Bilbao and Vitoria-Gasteiz. The
Bilbao Metro operates two
metro lines that serve the Greater Bilbao area while Euskotren operates a third which opened in 2017. Euskotren operates a
metro-like service in the San Sebastián area. The Spanish government owns two main
RENFE broad gauge lines that link Vitoria-Gasteiz with San Sebastián and Bilbao with central Spain. It also operates
Cercanías commuter lines in both Bilbao and San Sebastián. The
FEVE narrow gauge rail company operates a commuter line between Bilbao and
Balmaseda and links Bilbao with the rest of northern Spain. A new
high-speed network (called
Basque Y) currently under construction will link the three capitals in 'Y' formation. Because of the rough geography of the territory, most of the network will run through tunnels, with a total estimated cost of up to €10 billion. The estimated ecological impact of the project has encouraged the formation of a group campaigning against it called
AHTrik Ez Elkarlana. The group uses social disobedience to oppose the project and promotes referendums against it in the towns it most affects. In spite of the vocal opposition to the project by this and other community groups (as well as
EH Bildu), work continues, not without uncertainty. In early 2015, an estimate suggested that the average Basque intercity fare would rise to a non-competitive €25, while the Spanish central government's funding has been subject to continuous delays, spurring the irritation of the Basque government in Vitoria-Gasteiz.
Airports The three capitals have airports: •
Bilbao Airport (BIO) International •
Vitoria Airport (VIT) •
San Sebastián Airport (EAS) Of the three, the most important hub and entry point to the Basque Country is Bilbao Airport, offering many international connections. Nearly 4,600,000 passengers passed through it in 2016.
Seaports The two most important ports are the
Port of Bilbao and the
Port of Pasaia. There are also minor fishing ports, such as
Bermeo and
Ondarroa. The Port of Bilbao is by far the most important in the Basque Country and the north of Spain, being the fourth most important in Spain with over 38 million tons of traffic. All cruising routes arrive in Bilbao and there is a
ferry service linking Bilbao with
Portsmouth (United Kingdom). ==Cuisine==