Catalonia’s GDP decreased by 0.1% between January and March 2012, which represents a minor drop compared to the last quarter of 2011. However, the Catalan economy has had red numbers for two consecutive quarters and technically enters a recession. The good results in the tourism and export industries improve the macroeconomic figures.
Coinciding with the European Central Bank Governing Council organised in Barcelona, the President of the Catalan Government, Artur Mas, met with Mario Draghi and other members of the ECB Governing Council. Mas took the opportunity to explain to the ECB the Catalan Government’s austerity measures and its efforts to reduce Catalonia’s public deficit. He also spoke of his party’s support to all the reforms taken at Spanish level, despite being unpopular. However, Mas warned the ECB President that reducing the deficit too fast in the middle of an economic recession might worsen the crisis.
?There is a good trend towards recovery in Catalonia in the second half of the year,? states Antoni Castells, Minister of Economy and Finance