miquel valls

Country’s GDP up by 2% so far this year, with a slight slowdown between July and September

Estimation would mean continuing trend of GDP increase, higher than Spanish and EU average

Growth foreseen for 2018 raised from 2.7 to 3.1%

Chamber of Commerce presents revised report predicting GDP growth of 3.1% and labels threats to cut off funding to Catalonia “not viable” as an option for Spanish government

Barcelona’s Chamber of Commerce reported this Thursday that 2015 was the worst year in the historical data series, which dates back to 1997, in the rate of state investment in the transport infrastructure in Catalonia. Specifically, the Spanish Government executed only 59% of the budgeted investment in Catalonia, below the average of all the Spanish Autonomous Communities, which stood at 72%. The president of the Chamber, Miquel Valls, lamented in a press conference that the low degree of implementation of investment occurs on an initial budget which is already relatively small for Catalonia. Last year, the Spanish executive budgeted for the region 9.9% of total state investment in transport infrastructure, despite the Catalan GDP accounting for 18.9% of the state’s overall GDP.

Barcelona’s Chamber of Commerce estimates that the Catalan economy grew by 3.2% in 2015, which is more than double the figure for 2014 and marks a return to pre-crisis levels, when the GDP increased by 1.5%. To “keep on advancing on the path of economic recovery” and to respond to Catalonia’s push for independence and “guarantee the territorial stability”, the president of Barcelona’s Chamber of Commerce, Miquel Valls, called for “the widest consensus possible” amongst the main parties with representation in the Spanish Parliament. He also emphasised the “fundamental” need to keep the relationship and the compromises established with the EU, as the 40-billion-euros rescue package for the banks in Spain led to the recovery of the risk premium and brought back the trust in the Spanish market.

The President of Barcelona's Chamber of Commerce Miquel Valls has recognised that there is "an important concern" among many business owners about Catalonia's self-determination process and the economic consequences resulting from the forthcoming Catalan Parliament elections, scheduled for 27 September and which will be transformed into a 'de facto' plebiscite on independence. A few months ago, Valls presented a report from the Chamber of Commerce stating that the self-determination process of the last few years had not affected the economy, as exports, tourism and direct foreign investment were growing at a higher rate in Catalonia than in the rest of Spain. However, as the 'de facto' plebiscite approaches and the political landscape becomes more uncertain due to the independence road map and threats from Spanish institutions, business owners are increasingly worried. In this vein, Valls urged the political parties to detail their economic proposals for after the September elections.

Between 1993 and 2014, a growing trend of foreign investment was registered in Catalonia, a study by Barcelona’s Chamber of Commerce shows. This upward trend continued unbroken in the long-term, not even being interrupted by the decline of -15.8% recorded in 2014. According to the study, it is not possible to conclude that – over the period analysed – investment in Catalonia "has been adversely affected by the political context", in particular the Catalan self-determination process. In addition, for 2015 – even after just the first few months of the year have passed – the business environment seems to suggest that investment in productive capacity will be higher than in 2014.

Barcelona's Chamber of Commerce has predicted that the Catalan economy will grow by 2.7% in 2015 and 3% in 2016. The latest estimates made by the Chamber in February foresaw a growth of 2.5% in the Catalan GDP for this year. The President of the Chamber of Commerce, Miquel Valls, said that this growth "has a lot to do with the surprising recovery of domestic demand, driven by job creation, and increased confidence in the economy." Valls also said that the depreciation of the euro and oil prices are factors that have contributed to the rise in GDP. Besides, the Spanish economy is expected to grow by 2.5% in 2015 according to the IMF or by 2.8% or 2.9% according to the Bank of Spain and the Spanish Government respectively.

Catalan GDP grew by 1.3% in 2014 and will increase by 2.5% in 2015, claims Barcelona’s Chamber of Commerce. “The Catalan economy had a very good performance in 2014, even better than that of Spain as whole, and this acceleration will continue during 2015”, stated the President of the Barcelona Chamber of Commerce, Miquel Valls, on Wednesday. The day before, the Spanish Prime Minister, Mariano Rajoy, announced a revised economic forecast for 2015 and stated that Spain’s economy would grow by 2.4% in 2015. Valls highlighted that all the macroeconomic indicators show positive figures for the first time in the last 7 years, which makes him think that Catalonia’s “recovery from the crisis is a fact”. The industrial sector, exports, construction and job creation are the main reasons behind those predictions, which also benefit from external factors such as the fall in oil prices.

Figures released by the Barcelona Chamber of Commerce on Monday showed that the economy of Catalonia is set to grow by 1.6% in 2014 and 2.1% in 2015. The Chamber also predicted that by 2015, there will be a 2% rise in Spain’s GDP and 1.4% in that of the Eurozone countries average. According to the President of the Chamber, Miquel Valls, the recovery of Catalan and Spanish economies is "solid", but he stressed that the "austerity in wages" must be maintained. This report comes after the success of all Catalan banks passing the stress tests issued by the European Banking Authority and the European Central Bank, which 25 banks across Europe failed. Related economic news is that the unemployment figures released for third quarter of 2014 set Catalonia’s rate at 19.1% and Spain’s at 23.67%.

The pace of the Catalan economic recovery is "accelerating" according to Miquel Valls, the President of Barcelona's Chamber of Commerce. This is especially apparent in the second quarter of this year, which saw the interannual GDP grow by 1.3%, compared to the 0.4% growth registered in the first quarter of 2014. This rapid acceleration will oblige the Chamber to review in its autumn report its economic forecasts for Catalonia in 2014 and 2015, which are currently set at 1.2% and 1.5% respectively. Although there is still uncertainty to exactly what shape the new economic climate will take, the new predictions of growth could be above 1.5% for 2014 and 2% in 2015, indicated Valls.

According to a report published on Thursday by Barcelona's Chamber of Commerce, the Spanish Government's investment in infrastructure in Catalonia has dropped by 50% in the last 10 years, while it has been reduced by 25% throughout the rest of Spain in the same period. The President of the business association, Miquel Valls, stated that this reduction represents "a break"in the Catalan economy's growth, which could be in a better position to speed up the economic recovery. The report takes into account the executed investment made by the Spanish Government and its public companies in areas such as airports, high-speed railway or harbours. In 2006, the Spanish Parliament recognised "a historical" lack of investment in Catalonia when it approved the Catalan Statute of Autonomy and set a minimum investment percentage share to be made in Catalonia to compensate this in the next 7 years. This share was never respected.