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Catalonia’s GDP to grow by 0.9% in 2014 with a 23.1% unemployment rate according to Catalan Government

The Catalan Government has forecasted a 0.9% economic growth for 2014 in its budget proposal for next year, leaving behind the recession of 2012 (-1.2%) and 2013 (-1.1%). The positive figures are mostly due to the strength of the export sector – which will continue to improve its results. The main factor slowing down growth will be the internal demand, which will continue to decrease although it will do so at a lower pace. In addition, the Catalan Executive believes the unemployment rate will decrease and reach 23.1% by the end of the year. It is expected 2013 will end with a 23.7% unemployment rate, higher than the 22.6% rate registered at the end of 2012.

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05 November 2013 10:36 PM

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ACN

Barcelona (ACN).- The Catalan Government has forecasted a 0.9% economic growth for 2014 in its budget proposal for next year which was presented this Tuesday by the Catalan Finance Minister Andreu Mas-Colell. Catalonia will return on track for economic growth, after two years of GDP falls. In 2012, Catalonia’s GDP decreased by 1.2% and in 2013 it will have fallen by 1.1%, according to forecasts. The 0.9% growth expected for 2014 is mostly due to the strength of the export sector, which will continue to improve its results and will add a 1% growth to Catalonia’s GDP. The main factor slowing down economic growth will be the internal demand, which will continue to decrease although it will do so at a lower pace.  In addition, the Catalan Executive believes the unemployment rate will decrease and reach 23.1% by the end of the year. It is expected 2013 is expected will end with a 23.7% unemployment rate, higher than the 22.6% rate registered at the end of 2012.


The Catalan Government has presented its budget proposal for 2014 to be approved by the Catalan Parliament. The proposal posts a 1% deficit, amounting to €1.98 billion and which is in line with the deficit targets imposed by the Spanish Government for 2014. In addition, it prioritises social spending, which represents 71% of the total non-financial spending budget. Non-financial spending grows by 0.2% to reach €20.30 billion. In fact, Andreu Mas-Colell explained that budget cuts had reached their “limit”, as otherwise “social cohesion” and the “Welfare State” would “be at risk” in Catalonia. Therefore, the Catalan Executive focused the 2014 adjustments on the revenue chapter, increasing revenue by €3.2 billion.

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