Catalan exports grow by 23% in August and reach €5.5 billion

Exports from Catalonia grew by 23.2% in August compared to the same month the previous year, with sales abroad totalling a value of €5.534 billion.

The rate of growth is much higher than that recorded in July (+14.8%) and sales remain above the volumes before the outbreak of the pandemic. In August 2019, products were exported to the value of €4.788 billion.

For the year-to-date total, Catalonia has now sold products abroad for €52.231 billion, a rise of 25.7% in year-on-year terms, and 6.6% more compared to the first eight months of 2019.

These figures are according to data released on Tuesday by the Spanish ministry of industry, trade and tourism. 

Expected improvement in GDP

Earlier in October, the Catalan government announced it expected the GDP to return to pre-Covid levels next year after increased the projected economic growth in 2021 and 2022 to 6.4%.

In May economists forecast a 6% rise in 2021 followed by 5.2% growth in 2022, but have revised figures, attributing it to heightened investment and external as well as domestic demand.

Household consumption is up 7.9% while investment has increased by 8.3%. According to Catalonia's economy and finance department, this is "closely linked to improved confidence in the economy and the pandemic, as well as the gradual spending of savings earned during the health crisis as well as the sustained recovery of the labour market."