Catalonia’s economy contracted by 1% in 2012, while the Spanish GDP dropped by 1.4%

Barcelona (ACN).- The Catalan GDP fell by 1% last year according to data released on Thursday by the Spanish Statistics Institute (INE). However, according to data released on the same day by the Catalan Statistics Institute (Idescat), Catalonia’s GDP dropped by 1.3%. Furthermore, regarding Spain’s economy, the INE declared that it fell by 1.4% in 2012 while the Idescat indicated it plummeted by 1.9%. The reason for these differences is that data from both institutes are based on estimates and are still provisional. In any case, Catalonia is one of the Autonomous Communities with the mildest recession in Spain and continues to be that with the highest GDP, €198.63 billion. In addition, Catalonia is among those with the highest GDP per capita, set at €27,248 while the Spanish average was €22,772.

GDP drops in the Autonomous Communities

According to data from the Spanish Statistics Institute, Catalonia’s GDP dropped by 1% in 2012. This means it was the third Autonomous Community (out of 17) with the lowest recession, just after the Balearic Islands (-0.3%) and Galicia (-0.9%). After Catalonia, the Community of Madrid and Cantabria came in with a 1.3% drop. The worst results were for Castilla-la Mancha (-3.0%), Asturias (-2.5%), Extremadura (-2.2%) and La Rioja (-2.1%).

GDP per capita among the Autonomous Communities

Regarding the GDP per capita, Catalonia ranked fourth with €27,248, after the Basque Country (€30,829), Community of Madrid (€29,385) and Navarra (€29,071). The Spanish average was €22,772. The Basque Country and Navarra both have their own specific economic agreement with Spain’s Treasury, and raise their own taxes. Madrid benefits from its status as capital, with the Spanish ministries and many multinationals (especially those deriving from the former State companies that are now privatised) paying their taxes there. The Autonomous Communities with the lowest GDP per capita were Extremadura (€15,394), Andalusia (€16,960) and Castilla-la Mancha (€17,698). This means that the Basque Country’s GDP per capita is 35.4% higher than the Spanish average, while Catalonia’s is 19.7% higher. In contrast, Extremadura’s GDP per capita is 32.4% lower than the country’s average.

Catalonia’s GDP dropped by 0.7% in the fourth quarter according to the Idescat

According to the Catalan Statistics Institute, Catalonia’s GDP dropped by 1.3% and Spain’s by 1.9%. During the fourth quarter of the year, the Catalan economy dropped by 0.7% compared to data from the end of September, in line with the more severe recession throughout Europe.

Catalonia had a positive 3.8% trade balance in 2012

Catalonia’s internal demand dropped by 3.3% in 2012 due to the economic recession. Household demand dropped by 2.4% and that of public institutions by 2.5%. The most shocking drop is seen in the construction sector demand, which plummeted by 11% after five years decreasing. However, not all the stats bring bad news. The increase of goods and service exports and the reduction of imports due to the fall in internal demand posted a positive Catalan trade balance of 3.8%. Exports grew by 4.1% while imports fell by 7.1%.