“Faced with a near future that looks tough and tense, our greatest strength lies in our willingness to work together, to form a Group, with all that this implies about putting the general interest before that of the individual” so said the introduction to Caja Laboral’s Annual Report. The Caja opened new branches in Donostia-San Sebastián, Vitoria-Gasteiz, Pasai Antxo, Erandio and Santutxu (Bilbao).
In spite of the difficult economic situation and the uncertain prospects, the Group performed extremely well in 1977. Sales were up 37% compared to the previous year and turnover was close to €198m (33bn pesetas.). The following co-operatives from the province of Gipuzkoa came on board: Latz, Kendu, and Dikar together with Aurrenak, based in Vitoria.
It is interesting to note that from 1963 to 1977 the cost of living increased at a constant annual rate of 9.56% and our wages at an average rate of 15.49%, that is to say, 5.93 percentage points higher, which in fourteen years had led us to double our purchasing power.
