According to an advance estimate by the Statistical Institute of Catalonia (Idescat) and the Ministry of Economy and Knowledge, Catalonia remains on the path to recovery as the region’s economy grows 3.6% during the July-September period of 2015, 0.7 percentage points over the same quarter in 2014 . In quarterly terms, GDP recorded a 0.8% growth, 0.2 percentage points less than in Q2, but still within similar levels of growth seen in the three previous quarters. The slight downward correction in the third quarter is largely due to a lack of dynamism both in the Eurozone and the overall international economy.
The advance of the industrial sector’s GVA shows a 2.6% growth, which represents an improvement of 1.5 percentage points compared to the previous quarter results. This is the third year that industrial production shows positive growth. Moreover, it should be noted that the growth of Catalonia’s industrial sector exceeds the Eurozone average and its major economies since mid-2013 and in the last twelve months (until August) annual production has increased especially in the rubber and plastic sectors as well as in electrical equipment, electronics and optic manufacturing.
Construction has also showed a positive trend in Q3 with a 5% inter-annual increase from 2014. Improvement in the housing sector remains the highlight of the industry’s new dynamic, although it must be noted that production levels still remain low after the strong adjustment seen in recent years.
Finally, the services sector continues to be the industry that concentrates the most significant growth. In the third quarter of 2015 services grew 3.8% due to market activities, especially in trade and tourism. Furthermore, during the first nine months of the year, foreign tourism in Catalonia rose by 3.2% and tourists increased their average spending by 2.4%.