El patrón del crecimiento potencial de la economía vasca entre 1970 y 2020: ¿Puede ser considerado un modelo a seguir?

In the last forty years, the average annual growth rate of GDP per capita in the Basque Country is around 1.7%, which rises above 2% if we consider only the last twenty years. It is due to a pattern of economic growth where the labour productivity per hour worked, and the procyclical behaviour of labour market have been essentials. Between 1970 and 1992 and between 2006 and 2011, the labour productivity gains have promoted economic growth. In the first period, capital accumulation has been the key factor, while in the second, it has been the technological progress. However, between 1993 and 2005, the labour market has been the determining factor. During the current economic crisis, the Basque Country is behaving better than other Spanish regions, so if it embarks on a process of convergence, and closes the technology gap with the U.S., we can forecast that, in the medium-term, the Basque Country could recover an average rate of potential growth around 2.6%.