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November 25, 2014

Catalonia will create jobs faster than Spain

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Catalonia will create jobs faster than Spain

BBVA Research Department shows that it is expected next year the growth by 4.3% in the occupation of the Catalan population and 3% in the rest of Spain.

Catalonia will create a greater percentage of employment than in Spain between 2014 and 2015, according to forecasts of the research department of the banking corporation BBVA. The perspectives, estimated by the company, show that while Catalonia will create about 140,000 jobs during this period, representing an increase of 4.3%, the positive dynamics of employment in Spain will reach only 3%. This will happen despite the fact that, according to the same forecasts, the Catalan economy will grow below the Spanish in the late 2014-early 2015.

Rafael Domenech, the head of research at BBVA, said that Catalonia will grow 1.8% in 2015, while Spain's GDP will increase by 2%. The reason for the difference in the rate of economic development should be sought, according to Rafael Domenech, in the progress already registered in Catalonia in 2014, as the increase in the number of people who have found jobs in the province this year and even already has exceeded the figures in Spain.

In any case, the BBVA bank has improved its growth forecast for the Spanish economy to increase the gross domestic product (GDP) to 1.3% in 2014 and hasta1,8% in 2015. Therefore, forecasting growth this year is four percentage points higher than BBVA predicted in June 2014 (0.9%), while in 2015 exceed three tenths of the initial estimate (1.5%).

These results are included in the latest report by the Research Department of BBVA, the research office of the bank, which experts point to the acceleration of the strongest economic growth in Catalonia, which currently has registered four consecutive quarters of increased economic activity.

Besides the improvement in domestic demand, Catalonia last year managed to create a net employment and improve their data on exports and tourism, while the province also came to the “stabilization” of the real estate sector, as said the head of BBVA Research, Rafael Domenech, in the press conference.


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