Economic Growth Data
During the first quarter of this year, the Catalan economy experienced a growth of 0.7%, according to the Institut d’Estadística de Catalunya (Idescat). This figure represents one tenth less than the estimate advanced by Idescat the previous May. On a year-on-year basis, Catalonia’s Gross Domestic Product (GDP) increased by 2.5%, also a tenth below previous estimates.
Factors that have contributed to growth
The increase in GDP during this period has been driven mainly by the evolution of internal demand, which has experienced a growth of 2.2%. This increase has been motivated by the positive evolution of public administrations, with a growth of 4.4%, and household consumption, with an increase of 2.3%. Likewise, gross capital formation has presented an interannual rate of -0.1%, while investment in construction has maintained a positive trend of 1.4%.
Analysis of the Foreign Sector
With regard to the foreign sector, total exports abroad have recorded an interannual variation of -0.4%, with a reduction compared to the previous quarter. Likewise, imports have presented an interannual rate of -2.3%. In this sense, exports of goods and services have decreased by 2.8%, while imports have experienced a reduction of 3.1%.
Evolution of the Different Economic Sectors
From the point of view of supply, all economic sectors have shown positive developments in activity. Industry has registered a growth of 4.4%, agriculture has experienced an increase of 5.5%, services have increased by 2.2% and construction has maintained a positive trend of 1.3%.
