Catalan economy grew by 3.4% last year

The Catalan economy grew by 3.4% in 2017, according to an estimation made by the Catalan Statistics Institute (Idescat) and the Catalan Ministry of Economy. The increase in GDP in the country is three tenths higher than in Spain as a whole.

According to the Spanish statistics institute (INE), the Spanish GDP grew by 3.1%. In 2016, the Catalan GDP increased one tenth less than in the previous year. Both in 2014 and 2015, it grew by 3.5%. In a statement, the Ministry of Economy said that the Catalan economy is in a “strong growth phase”.  

Good news for Catalan industry

Indeed, the industrial sector in Catalonia has gone from strength to strength. Throughout 2017, it grew by 3.9%, marking the fastest growth rate in four years, according to the INE. In the last quarter of the year, sustained growth was set at an average of 7%.

For the fourth year running, industrial growth in Catalonia has been higher than the rest of the Euro Zone as a whole.

The increase in activity was particularly prominent in the production of metal products, electronics, machinery, and mechanical equipment.

Building high

The construction sector in Catalonia also enjoyed a positive 2017, with sustained growth throughout the year, marking a distinct recovery. In the final quarter, growth was set at 5.3% due to the residential subsector, with the building of new homes.

Hospitality and tourism sectors weather storm

Throughout 2017, the service sector accelerated its yearly growth, with an increase of 3.6% in the final quarter of the year. Although the hospitality sector slowed down in the last quarter, with a fall in turnover, it grew by an average of 3.1% in 2017 as a whole, demonstrating a stable growth in line with that of 2016.

In terms of tourist activity, in 2017 Catalonia received 5% more foreign tourists, while tourism expenditure increased by 9.6%. However, during the last quarter of the year the number of foreign tourists decreased by 6.5%, coinciding with a number of factors including the political crisis.

From Catalonia, with love

Catalan exports increased once more last year, following an acceleration in global trade. Up until November, exports of accumulated assets increased by 8.9%, exceeding those of the whole of 2016. Also during October and November, exports increased by 10.2% and 11.8% respectively, despite the political instability in the country.