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June 18, 2014

Catalan GDP will grow by 0.9% in 2014

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Catalan GDP will grow by 0.9% in 2014

BBVA bank experts believe that GDP growth will amount to Catalonia in 2014 of 0.9%, compared with 0.6% of the projected six months ago, and by 1.5% in 2015. Such forecasts were presented in the report “Status of Catalonia” based on the first half of this year, which also indicates that the economy of Catalonia continued to grow over the last three consecutive quarters of growth and will continue through appropriate correction of internal imbalances, the restoration of domestic demand and improving European and world economy that benefits businesses abroad.

Presented growth forecast for the Catalan economy is still lower than the overall growth forecasts of the Spanish economy for this year (+ 1.1%) and next year (+ 1.9% for 2015).

Greater need to reduce the deficit than other autonomies Spain creates more cautious forecasts for economic growth in the region, said at a press conference the chief economist of the financial group BBVA for developed countries, Rafael Domenech.

On the positive side, the economist noted the Catalan export diversification for products and international destinations, although there are still opportunities in the geographical distribution of activity of Catalan enterprises, and the expert also stressed that reforms must continue in order to complete the internal permutation, restore jobs and further increase the competitiveness of region. All this is necessary, in turn, to achieve sustainable economic growth. In addition, the expert stressed the need to continue these reforms, because, according to him, even referring to the annual GDP growth of 2.5% of Catalonia and productivity by 0.6%, Catalonia needed nine years to fully restore the level of employment before the economic crisis.

The report also reflected the fact that “the available economic information shows obvious difficulties in achieving deficit target” for 2014, which must be equal to 1% of the region's GDP.

 

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