For over 100 years, the Basque Country constitutes one of the most important industrial concentrations in the Spanish State and represents one of the most significant financial centres in the European Atlantic axis. In 2007, 10.7% of the industrial turnover of the Spanish State was generated in the Basque Country, which is a much higher percentage compared to the figures that would correspond based on criteria of population (4.7%), geographic extension (1.5%), etc. [move up]

Industrial Sector

The industrial production is diverse. Although all the activities derived from metal, such as the production of steel and the machine-tool are very important, other sectors, like the chemical, petrochemical and refineries, must be mentioned as well, since they occupy a very significant position within the Gross Domestic Product. The new technologies and the R& D are becoming very relevant, as well as the technology parks. Basque companies manufacture capital goods, durable goods and other intermediate products, which is a very varied industrial fabrication that allows the Basque economy to generate a relative wealth level higher than the Spanish average, and a higher growth rate per employee in comparison with Spanish State. Furthermore, employment in the Basque Country has grown by over 30% in the last ten years;and employment has fallen from 21.7% in 1995 to 4.1% in 2006, while the average in the Spanish State fell from 18.4% in 1995 to 8.5% in 2006. Thus, together with Madrid and Catalonia, the Basque Country leads the way in terms of employment growth in Europe between 1995 and 2005. [move up]

The inhabitants of the Basque Country, good-natured, affable and hard-working people, have been historically known for their ability to assimilate new technologies and innovative production systems, and also for their entrepreneurial and business spirit. The small and medium sized companies constitute an extremely varied and dynamic support industry, highly committed with quality: in the year 2007, Basque companies obtained 10.7% of ISO 9000 standards issued by AENOR to Spanish companies. Today, over 5,500 companies or entities have received ISO 9000 or 14,001 certificates and have been granted 14 European Quality Awards – EFQM. This wide network of small firms, some of them leaders in their sector, offering sub-products for larger companies, constitutes one of the most attractive aspects the Basque Country has as a place for investment. [move up]

Commercial and Touristic Sectors

The Basque economy is essentially industrial, but other sectors are experiencing good levels of development in the last few years. This is the case of the commercial sector, which is very relevant, since it has a commercial density slightly superior to the Spanish average and employs about 140,000 persons. The tourist sector is also becoming more and more solid in the Basque economy. The flow towards the Basque Country is still very positive, making 2007 the best year in the history of tourism in the Basque Country. [move up]