spanish economy

Independent Catalonia’s economy would get an A+ rating, 7 levels better than the current one

January 29, 2015 11:04 PM | ACN

According to a study by the Professional Association of Economists of Catalonia (Col·legi d’Economistes), an independent Catalonia would obtain a much better grade from rating agencies than it currently gets, taking into account its diversified economy and higher GDP per capita than the European average. Specifically, it would obtain an A+ rating, 7 levels higher than the current BB ‘junk bond’, using Standard&Poor’s classification. The study highlights that without the current fiscal deficit with the rest of Spain, the rating would be “at least” that of the Basque Country and would enable the Catalan Government to access the international financial markets. Catalan taxpayers pay much more to the Spanish Government than the amount they get back in terms of services and infrastructure; a fiscal deficit equivalent to between €13bn and €17.5bn per year.

Unemployment in Catalonia ends 2014 with a 19.88% rate and 83,000 less jobseekers than in 2013

January 22, 2015 08:59 PM | ACN

Catalonia posted a 19.88% unemployment rate at the end of 2014, almost 4 percentage points lower than the rate for the whole of Spain, which was 23.70%. On 31 December 2014, there were 756,500 unemployed people in Catalonia, which represents 83,000 less jobseekers than a year ago, according to the Spanish Statistics Institute (INE). Despite the positive annual results, unemployment increased by 30,500 people in quarterly terms, compared to figures from the end of September 2014. Back then, Catalonia's unemployment rate was 19.10%. In terms of jobs, the Catalan economy ended 2014 with 49,300 more people in employment than at the end of 2013, reaching 3,048,100 workers. The Catalan Government is said to be "moderately optimistic" with the figures and highlighted that both 2014 and 2013 ended with less unemployed in annual terms, accumulating two consecutive years of decreased numbers.

-0.7% annual inflation rate in Catalonia at the end of 2014

January 15, 2015 09:24 PM | ACN

Catalonia ended 2014 with an annual inflation rate of -0.7%, the lowest rate since 1978, when records for the Spain’s Autonomous Communities began, according to data published on Thursday by the Spanish Statistics Institute (INE). The previous month, at the end of November, the annual consumer price index registered a rate of -0.3% in Catalonia. In the whole of Spain, the annual inflation rate at the end of December 2014 was -1%. This is the lowest rate registered since December 1961, when comparable data started to be collected. At the end of November, prices were decreasing by -0.4% in annual terms in Spain as a whole. Therefore, both in Catalonia and in Spain overall, last year ended with a significant price drop, mostly due to falling fuel prices.

Registered unemployment drops by 8% in Catalonia during 2014

January 7, 2015 09:12 PM | ACN

At the end of 2014, there were 575,948 people registered with the Catalan Public Employment Service (SOC) as being unemployed, according to figures released this week by the Spanish Ministry of Employment and Social Security. This represents 48,924 fewer jobseekers than were on the register at the end of 2013; a 7.83% drop achieved during the last 12 months. During 2014, registered unemployment dropped by 5.39% in the whole of Spain. There were 4,447,711 people registered as unemployed throughout the country, which represents 253,627 fewer jobseekers than a year ago, the largest reduction in unemployment since 1998. 

Catalonia posted a 1.5% annual GDP growth rate in September

December 19, 2014 08:52 PM | ACN

The Catalan economy grew by 1.5% at the end of the 3rd quarter of 2014 in annual terms, while at the end of June it was growing at a rate of 1.3%. Catalonia has therefore accumulated 4 consecutive quarters with positive annual economic growth. However, although the economic recovery has slowed somewhat, growth remains positive, as other figures show. In quarterly terms, Catalonia’s GDP increased by 0.3% between July and September, which represents a drop from the 0.5% growth registered for April – June and also for January – March. Meanwhile, in Spain as a whole, the economy grew by 1.6% in annual terms at the end of September and by 0.5% in quarterly terms. The European Union is posting the same growth rates as Catalonia: 1.5% in annual terms and 0.3% in quarterly figures.

Catalonia posts a -0.1% annual inflation rate in November, the second negative figure in 2014

December 12, 2014 09:10 PM | ACN

For the second time this year, prices have decreased in Catalonia in annual terms. By the end of November, inflation dropped by -0.1% compared to 12 months ago, mostly due to a drop in electricity and fuel prices, according to figures released on Friday by the Spanish Statistics Institute (INE). In monthly terms, prices stagnated over November compared to the October ones. In the whole of Spain, prices dropped by -0.1% in monthly terms and by -0.4% in annual terms. Spain is now accumulating 5 consecutive months of negative inflation rates. The INE explains this annual drop by the price decrease of housing (which includes electricity), transport (which includes fuels) and food and non-alcoholic drinks. In November electricity prices only increased by 0.7% in annual terms, while they grew by 1.7% in October. Fuel prices dropped by -1.8% in November, while they had only decreased by -1.1% in October.

Prices in Catalonia set a 0.1% annual inflation in October, while Spain’s was -0.1%

November 13, 2014 09:14 PM | ACN

According to figures from the Spanish Institute of Statistics, prices in Catalonia have risen from -0.3% in Octoeber 2013 to an annual inflation rate of 0.1% in October this year, the same as that of September. Inflation has been kept low by falling prices of electricity, while the rising cost of fresh food has prevented negative inflation. In Spain, prices have risen from a -0.6% annual inflation registered 12 months ago to a negative inflation of -0.1%, accumulating four consecutive months of negative rates. The prices of fresh food and non-alcoholic beverages influenced the most the annual price increase in Catalonia, and thus offset the low performance in other sectors that are contributing to keep annual inflation close to zero in Catalonia, and in the negative for the last four months in the whole of Spain.

Catalan economy shows 0.5% growth in the third quarter, accumulating a year and a half of growth

November 6, 2014 09:12 PM | ACN

According to official data released by the Catalan Ministry of Economics and the Statistical Institute of Catalonia (Idescat), the Catalan economy grew by 0.5% between and July and September 2014, the latest in six consecutive quarters of positive economic growth. A signal that the recession is far left behind. The whole of Spain also grew by 0.5% in the same 3 months. In annual terms, Catalonia's GDP has grown by 1.8%, mainly thanks to the boost by the services sector,which has demonstrated an annual growth of 2.4%. The sector of industry grew by 1.5% and those of construction and agriculture decreased by -2.6% and -1% respectively. Idescat’s previous predictions for 2014 quarters has been reviewed: the 0.5% initially estimated for the first quarter increased to 0.7%, while the 0.6% for the second quarter dropped to 0.5%.

Catalonia’s registered unemployment figures for October: increase of 11,321, lowest in 4 years

November 4, 2014 09:02 PM | ACN

Catalonia’s registered unemployment figures for October have been released by the Spanish Ministry of Employment and Social Security, and while they have increased it is the lowest rise in four years. The number of people registered at the Catalan Public Employment Service (SOC) stood at 587,133 people in October, a rise of 1.97% since September, with an increase of 11,321 people. This October increase is the lowest in four years according to the Ministry series, which began in 1996. Compared with October last year, the number of unemployed people in Catalonia decreased by 7.37%, equivalent to 46,699 people. Since July 2013, this represents 16 consecutive months of annual decreases. In the whole of Spain, there were 4,526,804 people unemployed in October, 79,154 more than in September. Across Catalonia, unemployment increased in monthly terms in all four provinces, but decreased throughout in annual terms. The Catalan Government "confirms positive trend" in employment.

Economic growth forecast for Catalonia: 1.6% in 2014 and 2.1% in 2015

October 27, 2014 08:11 PM | ACN

Figures released by the Barcelona Chamber of Commerce on Monday showed that the economy of Catalonia is set to grow by 1.6% in 2014 and 2.1% in 2015. The Chamber also predicted that by 2015, there will be a 2% rise in Spain’s GDP and 1.4% in that of the Eurozone countries average. According to the President of the Chamber, Miquel Valls, the recovery of Catalan and Spanish economies is "solid", but he stressed that the "austerity in wages" must be maintained. This report comes after the success of all Catalan banks passing the stress tests issued by the European Banking Authority and the European Central Bank, which 25 banks across Europe failed. Related economic news is that the unemployment figures released for third quarter of 2014 set Catalonia’s rate at 19.1% and Spain’s at 23.67%.

Third quarter unemployment figures set Catalonia's rate at 19.10% and Spain's at 23.67%

October 23, 2014 10:11 PM | ACN

Spain's unemployment rate at the end of the third quarter stands at 23.67%, according to the latest Active Population Survey (EPA). The unemployment rate for Catalonia has fallen below 20% for the first time in the last 3 years and is set at 19.10%. The number of unemployed people in Catalonia has dropped by 44,400 in the third quarter of 2014, a decrease of 5.76% compared to the previous quarter. This is the biggest reduction since at least 2002, when the Spain's Statistical Institute began the series. Thanks to the creation of 69,100 new jobs in Catalonia over the last 12 months, there are now 34,800 more people employed in the third quarter. This makes Catalonia have the second highest unemployment drop in Spain, second only to Madrid Region (-48,200 people). The Catalan Minister for Business and Employment, Felip Puig, has called the figures are "encouraging" and "hopeful", although a 19.1% rate is still "very high".

Catalonia shows a 0.1% positive annual inflation rate according to September statistics

October 14, 2014 08:44 PM | ACN

September figures show that prices are recovering in Catalonia, with inflation posting a 0.1% rate in annual terms. According to figures released by the Spanish Institute of Statistics (INE), Catalonia is showing a positive inflation of 0.1%, up from the -0.1% recorded in August, running away from a deflation scenario. While in Spain, there is a negative annual rate of -0.2%, although it improves the August rate of -0.5%. Overall, prices showing a positive recovery rates were in the sales of fresh fruit and housing. Inflation figures are promising throughout Catalonia, although data is uneven in the provinces of Barcelona, Girona, Lleida and Tarragona showing different positive signs of price stabilizing and positive annual inflation.

Catalan economy grows by an annual rate of 1.4% in the second quarter of 2014

September 26, 2014 10:09 PM | ACN

Catalonia’s GDP recorded an annual increase of 1.4% in the second quarter of 2014, the best result since September 2008, according to official figures published on Friday by the Catalan Institute of Statistics (IDESCAT). The 1.8% increase in domestic demand means that the annual rate of Catalonia’s GDP is higher than Spain's average, and more than that of the European Union (EU28), both located at 1.2%. Not only is Government spending showing a favourable trend, but there has also been growth in the services sector, and those of industry and agriculture. From September 2014, the EU has set mandatory implementation of the new European System of Accounts (ESA 2010), which IDESCAT plans to have in place to coincide with the results of the GDP in the fourth quarter of 2014.

Catalonia continues to lead foreign tourism, with a 7.5% increase in August

September 22, 2014 09:48 PM | ACN

Tourism booms in Spain, with 9 million international visitors in August 2014, up by 8.8% since last year. Official data shows record breaking numbers, with August being the busiest month. In the first seven months of this year, tourists spent over €34.5 billion, the highest number in history. Catalonia is the most popular destination, attracting over 2.4 million tourists in August alone, a 7.5% increase from last year. Following Catalonia, the best results were seen in the Balearic Islands and Andalucía, all of which showed significant increases in recorded visitors for this year. August has been the busiest month on record, with tourists mainly coming from France and Italy, while over the whole year, the most frequent visitor continues to be British.

Catalan exports growing faster than ever, with the 6.9% in July marking an all-time record

September 18, 2014 09:09 PM | ACN

Last July, Catalonia broke its export record ever achieved in a single month, reaching €5.67 billion. This marked a 6.9% growth from the same month in 2013. Furthermore, Catalan sales abroad reached another record high in the period between January and July of 2014, at €35.44 billion, an increase of 2.6% from last year's same period. Meanwhile, exports have increased throughout the rest of Spain by 1.3% between January and July in their 2013 figures. Nowhere is the export growth faster than in Catalonia, which counts for 25.2% of Spain's total.