Services and tourism maintain the growth of the Catalan economy
Despite the outbreak of war in Iran, Catalan GDP grew in the first quarter of this year above the European average
BarcelonaThe Catalan economy maintained growth figures above the European average in the first quarter of this year, mainly thanks to the consumption of foreign tourists and the strength of the services sector. The outbreak of the war in Iran, therefore, did not have a significant initial impact on the country's economic activity.
Thus, Catalan gross domestic product (GDP, the indicator that measures the size of an economy) grew between January and March by 0.6%, placing it 2.9% above the levels of the same period in 2025, according to figures published this Monday by Idescat, the statistical agency of the Generalitat, which thus confirms the data released in early May. The data show a slowdown in the growth rate of the Catalan economy, which, despite this, remains – as it has been for the last three years – well above the average of Eurozone countries, where in the first quarter GDP increased by 0.2% compared to the previous quarter and 0.3% annually.
"The first quarter is always usually a slow one," recalls Josep Reyner, president of the Catalan economics commission of the College of Economists of Catalonia. The first months of the year represent a lull for household consumption between Christmas and Easter holidays, which opens the door to the arrival of good weather and, therefore, to increases in leisure spending. Likewise, the first quarter does not usually show large investment figures, which are often accumulated at the end of the year, when companies and administrations finalize their budgets.
In this regard, household consumption grew by only 0.1% compared to the fourth quarter of 2025, although it still stood 3.4% above the levels of a year earlier. Likewise, investment was 3.3% higher than a year ago, but fell by 1.7% compared to the previous quarter. Broken down, investment in productive goods and company equipment decreased by a notable 2.9% in one quarter, and construction investment also contracted by 1%. However, they increased by 1.7% and 5.5% respectively in relation to the first quarter of last year.
By sectors, services and industry were the engine of growth. Services registered an increase in activity of 1% quarterly (3.7% annually) thanks to the good performance of trade, hospitality and transport, which grew a notable 3% compared to the previous quarter and 6.2% annually, an unusual fact in a first quarter, when these sectors are in low season. Professional and real estate activities, on the other hand, remained flat, although compared to the first quarter of 2025 they grew by 3.2%.
As for industry, it increased by 0.9% both quarterly and annually. At the other extreme, the primary sector and construction fell by 2% and 1.4%, respectively, compared to the previous quarter, but maintain higher activity by 1.6% and a remarkable 5.5% when compared to a year earlier.
The external sector holds up despite the context
Regarding the external sector, during the first quarter it had a negative contribution to growth, but the sector "is holding up better" than expected given the international situation, marked by the war in the Persian Gulf, according to Reyner. "Companies have reacted" and have made "an effort to diversify" markets, especially since Donald Trump's arrival to the presidency of the United States and the start of the tariff war against the European Union, adds the economist.
The external balance of the Catalan economy in the first quarter was 12,519 million euros, of which 7,129 million were with foreign countries. In total, total exports abroad fell by 1.3% compared to the fourth quarter, but rose by 1.5% annually. Exports of goods are the most affected by the international context and fell by 3% quarterly and 0.1% annually.
On the other hand, the good performance of foreign tourism compensated for the poor situation of the external sector: visitors from third countries spent almost 5,500 million euros between January and March in Catalonia, 9.2% more than in the previous quarter and 10.4% more than a year earlier. The situation of the Catalan external sector worsened due to the 2.1% quarterly and 2.7% annual increase in imports.