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August 13, 2014

Catalan economy is showing the example for Spain

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Catalan economy is showing the example for Spain

Economy of Catalonia grew by 0.6% in the period April-June 2014. In this case, the annual growth rate of economic activity increased to 1.3%, according to official figures of Government of Catalonia and the information statistical agency Idescat.

Catalan GDP of economy grew by 0.6% quarterly in the second quarter of 2014 and by 1.3% year on year, according to published data of the Statistical Institute of Catalonia (Idescat) and the Ministry of Economy of Government.

In terms of sectors, the most increased activity was registered in the services sector, which grew by 1.8% year on year, and thus registers growth for three consecutive quarters; the industry, with an increase of 1.4% due to the strong position of exports and increase of domestic demand, has become the second important branch of autonomy, and it is worth noting the positive moment in the construction sector, which reduces the intensity of its decline to -4.9%, as reported the Government of Catalonia in its official report.

These indicators suggest that domestic demand continues to rise in the service sector and the tourism industry, which, in turn, continue to evolve due to the improvement of the national demand. At the same time, the industry in Catalonia shows a clear increase in activity, and significantly higher than in the core countries of the euro area, and maintains this positive trend since the end of 2012.

In construction, the prices started a positive trend in the housing sector, has increased the number of purchases of new homes, and thus also increased the projects approved by the Council of Architects for the construction works of new buildings. In general, we can say that the overall situation in the sector is improving, but no major changes are expected, as the country will introduce a new tax reform that will affect the real estate market.

It is worth noting that in Spain, according to the National Institute of Statistics, the economy grew was at the same rate as in Catalonia in the second quarter of 2014 (+0.6%), while in annual terms, the growth was by 1.2%, that is less in one-tenth.

 

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