The Catalan economy grew by 0.8% quarter-on-quarter at the start of the year, above the growth of the Spanish average, which was 0.7% and the EU (0.3%). In comparison with last year, the GDP growth rate is 2.6%, two tenths better than the State as a whole, according to advanced data published this Wednesday by Idescat.
In any case, the pace shows a certain slowdown, since in the fourth quarter GDP increased by 0.9% quarter-on-quarter and 2.8% year-on-year.
“The growth of the first quarter is determined by the positive evolution of all sectors except agriculture, which decreased by 3.4%,” Idescat stated in a statement. The industry rose 4.4% annually, six tenths more: “It has been the sector that has driven growth,” it is stated, mainly due to car manufacturing, the food industry, pharmaceuticals, chemicals and IT.
For its part, services grew 2.4% year-on-year, five tenths less than in the fourth quarter of 2023. Hotels and restaurants, commerce and professional services explain the tone, says the statistical office.
To complete the review, construction advanced 1.9%, triple that of the previous quarter, and agriculture fell the aforementioned 3.4%, less than previous declines. The sector manages to escape double-digit declines after falling between 14.7% and 19.6% throughout 2023.
The economy seeks to maintain its tone heading into the second quarter, where the start of the tourist season will be key. In April, the last month with registrations, Catalonia added 33,000 members, with 7,400 fewer unemployed. Membership is at record numbers, with 3.76 million members.
The Foment employer’s association warned when these data were known that there was a slowdown in the pace of employment, “so we should be aware of the evolution of trends in the coming months.”
