Catalonia’s GDP dropped by 0.3% over the second quarter

Barcelona (ACN).- Catalonia’s GDP has dropped by 0.3% in the second quarter of 2012 compared to the first quarter this year and has decreased by 1.1% compared with the same period in 2011, according to the Catalan Government’s Ministry of Economy and Knowledge released last Friday. Last quarter’s economic decline was slightly accelerated, passing from a 0.1% drop over the first 3 months of the year to a 0.3% fall. Exports maintained a positive growth and tourism continues growing thanks to the international tourism markets. However, internal demand has been reduced. In addition, the activity of the industrial, construction and services sectors decreased, according to this early calculation of the GDP.

The foreign sector contribution has remained positive thanks to the developments in tourism and trade of goods. According to a statement from the Ministry, the opening of the Catalan economy into new markets outside of the European Union has allowed the area to profit from more expansive economies.

International tourism to Catalonia increased during the first half of the year. The number of foreign tourists increased by 12.3% compared to 12 months ago, and tourist spending increased by 14.3%. In both cases, the percentages are much higher than the figures for Spain as a whole (2.9% and 5.6% respectively).

A favourable increase in the exportation of goods was not enough to stop a further contraction in the industrial sector, which is estimated this quarter to be 1.5% in annual terms.

Construction has continued receding (by 5.8 %) due to a reduction in the number of houses and civil projects being built. The service sector has also registered a decline (0.4%), affected by cuts in public sector services and a reduction in consumer spending, which results in a decrease of retail activity.