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An increase in exports will push Catalan economy up, with a growth of 0.9% in 2011

The Catalan GDP is expected to fall 0.3% in 2010 but grow 0.9% in 2011, according to a study from the savings bank Caixa de Catalunya, Tarragona i Manresa. Exportation, especially in the industry sector, will be the key factor behind the recovery.

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15 July 2010 12:00 AM

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ACN

Barcelona (CNA).- Industry is one of the sectors most affected by the economic crisis, with a fall of 12.9% in 2009. However, exportations will level it up, as it is expected that industry will grow 1.3% in 2011. The Catalan GDP will decrease 0.3% in 2010, but grow 0.9% in 2011 thanks to the export capacity of the industry sector. This is the main conclusion of a study presented today by the recently created (from a merger among 3 Catalan savings banks) Caixa de Catalunya, Tarragona i Manresa. The recovery of internal demand will also be a factor to stimulate growth, with an increase of 0.6% of private consumption in 2011 and a small reduction in unemployment, which will go from 17.3% in 2010 to 16.7% in 2011.


The increase of Catalan exports in the industry sector will be the key factor in 2011 for an economic recovery and a come back to positive growth, with a 0.9% increase of the GDP. However, in 2010, the GDP will still decrease by 0.3%, far from the 5.4% decrease of 2009. These are the predictions of the latest study on the State and Perspectives of the Catalan Economy, published each semester by Caixa Catalunya, Tarragona i Manresa. The increase of Catalan exports in the industry sector will be the key factor in 2011 for an economic recovery and a come back to positive growth, with a 0.9% increase of the GDP. However, in 2010, the GDP will still decrease by 0.3%, far from the 5.4% decrease of 2009. These are the predictions of the latest study on the State and Perspectives of the Catalan Economy, published each semester by Caixa Catalunya, Tarragona i Manresa.

The Spanish economy will also grow in 2011, but at a smaller pace than the Catalan one. The Spanish GDP will grow 0.7% in 2011. The reason is that in Catalonia, the industry sector represents a wider share within the economy compared to the rest of the State. In addition, industry is more important in Catalonia regarding employment and added value. In this sense, it must be stressed that the Catalan economy is the most open economy in Spain, with almost 30% of Spain\u2019s exports.

Another factor that will contribute to the recovery, although in a smaller proportion, will be the recovery of internal demand. Predictions point out at a reduction of 1.7% for 2010 and a light increase of 0.1% in 2011.

Regarding private consumption, a growth of 0.3% is expected for 2010, which will be an increase of 0.6% in 2011. This increase is being explained because of a decrease in unemployment figures. In 2011, unemployment will decrease to 16.7%, which will improve families\u2019 trust on the economic situation.

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  • The directors of Caixa de Catalunya, Tarragona i Manresa's study

  • The directors of Caixa de Catalunya, Tarragona i Manresa's study