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Fecha de publicación: 17/04/2008

The Basque financial sector has long been considered one of the powerhouses behind growth and development in Spain as a whole. A series of factors appearing in the second half of the 19th century led to this situation.

One of the most important of these positive factors was the business and financial relationship established with the rest of Europe, a relationship favoured by the region's geographical situation on maritime routes and the traditional iron and steel activities in local smithies and forges, which led in turn to the accumulation of capital. Gradually the conditions were created for major financial development and the birth of the country's first banking institutions.

Since then, finance has continued to develop and progress, so much so that today the Basque Country remains, in financial terms, one of Spain's five leading autonomous communities. The region's financial system now provides banking, savings' bank and credit cooperative services.

All the major financial institutions have offices in the Basque Country, which is also where several of the leading banking organizations have their headquarters.

The financial sector's contribution to the Basque GDP is growing annually by about 9%.

EUSTAT - The Basque Institute of Statistics


Fuente: Presidency of the Government - General Secretariat for Communication