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Economic growth in Catalonia slows to a 0.9% quarterly increase in June

The Catalan GDP increased by 0.9% between April and June this year, which is a positive figure but slightly lower than the 1.1% rate registered during the first quarter. However, in annual terms, the Catalan economy grew by 3% in the year to June, which is more than the 2.6% annual growth registered in March. Such a high level of annual growth had not been registered since September 2007, before the financial crisis started. According to the Catalan Finance Ministry, the minor fall off in growth registered between April and June compared to the growth rate from January to March is due to the "extraordinary" 1.1% growth rate of the first quarter. The Ministry stressed that 0.9% growth is still a very positive rate and does not break the trend of the economic recovery, on the contrary proving its strength.

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06 August 2015 09:48 PM

by

ACN

Barcelona (ACN).- The Catalan GDP increased by 0.9% between April and June this year, which is a positive figure but slightly lower than the 1.1% rate registered during the first quarter, according to early figures released on Thursday by the Catalan Statistics Institute (Idescat) and the Catalan Finance Ministry. However, in annual terms, the Catalan economy grew by 3% in the year June, which is more than the 2.6% annual growth registered in March. Such a high level of annual growth had not been registered since September 2007, before the financial crisis started. According to the Catalan Finance Ministry, the minor fall off in growth registered between April and June compared to the growth rate from January to March is due to the "extraordinary" 1.1% growth rate of the first quarter. The Ministry stressed that 0.9% growth is still a very positive rate and does not break the trend of the economic recovery, on the contrary proving its strength. Catalonia has accumulated 9 consecutive quarters of positive economic growth in quarterly terms and 7 consecutive quarters in annual terms.


For Spain as a whole, the Spanish Statistics Institute released figures a week ago, showing 1% growth between April and June and a 3.1% annual growth rate at the end of the second quarter. However, at the same time it also indicated a 1% growth rate for the Catalan economy during the second quarter and a 3.5% annual rate for the year to June.

According to the Idescat figures released this Thursday, the most active sectors of Catalonia's economy were construction, services and industry. However, the primary sector decreased by 0.1% in annual terms, although performing better than in the first quarter, when it declined by 1.1%.

The construction sector continues to leave behind its past trend of decline, following 28 consecutive quarters of negative growth due to the bursting of the real estate bubble. With the end of the 2nd quarter of 2015 it accumulated 3 consecutive quarters of growth, registering a 5.5% annual increase. This is the highest figure registered in this sector since the 4th quarter of 2006, before the financial crisis, when construction was growing in Catalonia at a rate of 5.7%. The Catalan Ministry explained that the housing subsector is the main driver behind construction's recovery.

The industrial sector grew by 1.4% in annual terms in June. During the last 12 months, until May, industrial production had been increasing in the manufacturing of electrical, electronic and optical goods, in non-metallic mineral products, in rubber and plastic transformers, and in the extractive, agri-food and chemical industries.

Finally, the services sector, which is the most important one, saw a significant growth figure and is therefore the sector leading the economic recovery. At the end of the second quarter this sector increased by 3.2% in annual terms, mostly thanks to retail and tourism. During the first six months of the year, the number of foreign tourists in Catalonia increased by 4.4% in annual terms.

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  • Construction is recovering in Catalonia and has contributed to the positive figures of the second quarter of 2015 (by ACN)

  • Construction is recovering in Catalonia and has contributed to the positive figures of the second quarter of 2015 (by ACN)