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Catalan economy grows by 2.6% in 2023

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Catalan economy grows by 2.6% in 2023

  1. In the fourth quarter, activity increased by 2.8% year-on-year


In 2023, Catalonia’s gross domestic product (GDP) reached €292,474 billion, a figure that represents a 2.6% growth in volume, according to the Statistical Institute of Catalonia (Idescat). This variation remains consistent with the advance GDP data published on 7 February (2.6%), and is one-tenth higher than the Spanish economy (2.5%, advance). The growth of the European Union is 0.4%.

On the supply side, the growth of industry (3.5%) and services (3.1%) is notable. In contrast, construction growth slowed to 1.8%, and the agricultural sector decreased by 17.6%.

The fourth quarter presents a year-on-year rate of 2.8% and a quarter-on-quarter variation of 0.9%. Throughout 2023, the quarterly evolution shows significant growth in the first and fourth quarters and more moderate results in the second and third quarters.

Annual economic accounts of Catalonia 2023.

In 2023, Catalonia’s GDP reached 292.474 billion euros and grew by 2.6%. From the point of view of demand, it is worth highlighting the increase in consumption by households (1.9%) and consumption by public administrations (2.3%).

However, gross fixed capital formation decreased by 0.7%, with a breakdown by component indicating a 3.3% reduction in investment in equipment and a 2.2% increase in gross fixed capital formation in construction. In comparison to the previous year, lower values can be observed in all variables, except for public administration consumption, which is one point and six tenths higher than in 2022 (0.7%).

Regarding the foreign sector, total exports increased by 7.1%, a figure lower than that of the previous year (13.9%). These results can be explained by the normalisation of the growth rates of foreign tourism, which went from an increase of 138.6% in 2022 to 22.6% in 2023. Exports of goods and services grew by 5.1%, less than the previous year (6.2%). This growth in exports was mainly down to the increase in foreign sales of motor vehicles and also in the chemical industry. Meanwhile, total imports increased by 2.9% compared to the previous year, a consequence of the growth in consumption from residents abroad (8.7%) and imports of goods and services (2.7%).

From the point of view of supply, it is worth highlighting the recovery experienced by the industrial sector, with a growth of 3.5% in 2023, as a result of the improvement in sectors such as the manufacture of motor vehicles and the chemical industry. With regard to construction, the rate of change was 1.8%, a figure that represents a reduction compared to the previous year (5.4%). Finally, the agricultural sector recorded a negative rate of 17.6% (in 2022 it was -9.2%).

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