- The Catalan economy surpassed the initial growth estimates of countries like Germany, France and Italy
In 2023, the Gross Domestic Product (GDP) of Catalonia recorded an annual increase of 2.6%, according to the estimate provided by the Statistical Institute of Catalonia (Idescat). The figure for Catalonia stands two and a tenth points above the initial estimate of the GDP of the European Union (EU-27), which is 0.5%, and one tenth higher than Spain’s GDP growth (2.5%).
The fourth quarter of 2023 showed a year-on-year rate of 2.8%, eight tenths higher than that of the Spanish economy (2.0%) and two and six tenths higher than that of the EU-27 (0.2%). The quarter-on-quarter variation in Catalan GDP growth in the fourth quarter was 0.7%, one tenth more than that recorded by the Spanish economy (0.6%) and seven tenths more than the rate of variation of the EU-27 (0.0%).
The Catalan economy grew by 2.6% in 2023. This figure represents a decrease compared to 2022 (5.5%), but exceeds the initial growth estimates of countries like Germany, France, or Italy, which were -0.3%, 0.9%, and 0.7% respectively.
In 2023, all the major sectors of activity experienced positive annual variations with the exception of agriculture; industry, with a growth of 2.8%, is the only sector whose activity improved compared to 2022 (-2.0%). This increase is mainly due to the evolution of the motor vehicle manufacturing branch, which reached the highest level of sales in the last four years, and also to the positive contribution of the chemical and pharmaceutical industries.
The Catalan economy grew by 2.8% in the fourth quarter
The year-on-year variation rate for the fourth quarter of 2023 was 2.8%, five tenths higher than the previous quarter. A decline was observed in agriculture, consistent with the trends seen in the other quarters of the year. All other sectors continued to show positive growth, with the industrial sector standing out in particular.
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