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Economy grew 1.1% during first quarter in Catalonia and 0.9% in Spain as a whole

Catalonia's GDP has increased by 1.1% during the first quarter of the year compared to the last quarter of 2014, while the Spanish economy grew by 0.9% and that of the European Union by 0.5%, according to definitive figures released by the Catalan Statistics Instituted (Idescat) on Friday. In annual terms, Catalonia's economy increased by 2.6% from March 2014 to March 2015, mostly due to the positive evolution of domestic demand and the strength of the export sector. The figures released this Friday improve upon the provisional data that had been announced in May for the first term of 2015, when it was stated that Catalonia’s economy had grown by 0.9% from January to March. With the 1.1% growth finally registered, Catalonia now accumulates 8 consecutive terms of quarterly growth.

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19 June 2015 09:39 PM

by

ACN

Barcelona (ACN).- Catalonia's GDP has increased by 1.1% during the first quarter of the year compared to the last quarter of 2014, while the Spanish economy grew by 0.9% and that of the European Union by 0.5%, according to definitive figures released by the Catalan Statistics Instituted (Idescat) on Friday. In annual terms, Catalonia's economy increased by 2.6% from March 2014 to March 2015, mostly due to positive evolution of  domestic demand and the strength of the export sector. Spain's annual growth was 2.7% and that of the EU, 1.5%. The figures released this Friday improve upon the provisional data that had been announced in May for the first term of 2015, when it was stated that Catalonia had grown by 0.9% from January to March.


Domestic consumption improved by 2.9% in annual terms in Catalonia, mostly due to the higher spending of households (+3.3%). However, the demand of the public sector only increased by 1%. Besides this, Catalonia's total exports of goods and services grew by 5.9%, which is a higher figure than that registered in the previous quarters, mostly due to the positive evolution of Euro exchange rates. In addition, the spending of foreigners in Catalonia continues to increase, registering 4.4% growth in a context of positive tourist indicators.

Imports have also shown higher figures, posting a significant 7.3% increase, due to the highest demand in Catalonia and the overall improvement in economic activity. This strong increase in imports has balanced the evolution of the external trade balance, which remained neutral in the first quarter of the year.

Regarding the different sectors of the Catalan economy, construction is the sector growing the most, after continuous decline between 2008 and 2014. For the second consecutive term, the construction sector grew in annual terms, increasing its volume by 4.9% in the first quarter of 2015. The industrial sector registered a more moderate improvement, growing by 1.1%, mostly thanks to the agri-food and chemical industries.

Meanwhile, the services sector – which represents some two-thirds of the Catalan economy – continues to post positive figures. From March 2014 to March 2015 it grew by 2.8%, pushed by a boost in retail sales and the positive performance of transport services. Finally, the primary sector (agriculture, livestock and fishing) continued to post negative figures, dropping by 0.4% in annual terms.

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  • Economy grew 1.1% during first quarter in Catalonia and 0.9% in Spain as a whole (by ACN)

  • Economy grew 1.1% during first quarter in Catalonia and 0.9% in Spain as a whole (by ACN)