The Catalan economy continues to grow faster than the European economy, but below the national average.

BarcelonaThe Catalan economy continues to grow at a slower pace than the Spanish economy compared to a year ago, but at a faster pace compared to the previous quarter, according to preliminary data on gross domestic product (GDP, the indicator that measures the size of an economy) for the third quarter of the year published this Thursday by Idescat, the statistics agency of the Catalan government. Furthermore, Catalonia's economic activity figures far exceed the European Union average. Specifically, between July and September, Catalan GDP expanded by 2.4% compared to the same period in 2014, a figure four-tenths of a percentage point below the average for the rest of Spain. the one recorded by the state GDP. So, Catalonia has had two consecutive quarters followed by an annual growth rate below Spain's after several years of faster growth. However, in the third quarter of this year, the Catalan economy grew by 0.7% compared to the second quarter, one-tenth of a percentage point more than the rate recorded for Spain as a whole. For another quarter, however, Catalan GDP maintained a growth rate well above the European average. Specifically, the total of the 27 EU member states grew by 1.5%, nine-tenths of a percentage point less than Catalonia, while the 20 countries of the eurozone (those that share the common currency) grew by 1.3%. Quarterly, they registered increases of 0.3% and 0.2% respectively, also below Catalonia's 0.7%.

In fact, among all EU countries, only the Czech Republic, Portugal, and Ireland had higher quarterly growth rates than Catalonia, according to data from Eurostat, the statistical agency of the European Commission.

Tourism, construction and industry are the driving forces

The Idescat (Catalan Institute of Economic Studies) highlights that all productive sectors grew during the summer. Services, which represent more than two-thirds of activity, increased by 2.4% year-on-year, in line with the national average, but below the rate of the previous quarter. "The sectors that have contributed most to this growth are hospitality and catering; warehousing and transport-related activities; security and investigation activities; and other professional, scientific, and technical activities," Idescat states in a press release. The fact that tourism and catering activities lead the growth in services is typical during the summer months due to the coincidence with vacations and the arrival of more foreign visitors. The positive performance of both construction and industry is also noteworthy. In the former case, it is the sector with the greatest variation, at 4.9% compared to a year ago, one percentage point higher than that recorded in the second quarter.

As for industry, which is heavily dependent on exports, it remains strong for the time being, despite the unfavorable international situation caused by the trade war initiated at the beginning of the year by the United States and the geopolitical tensions stemming from the Russian invasion of Ukraine and the conflict in Gaza. Thus, "the pharmaceutical, automotive, and machinery and equipment manufacturing industries" are the subsectors that have grown the most, according to the statistical agency, resulting in an industrial growth rate of 1.9% compared to the third quarter of last year, four-tenths of a percentage point higher than the figure for the second quarter. Finally, the primary sector increased activity by a notable 3.4% year-on-year, moderating by 1.7 percentage points compared to the strong growth of the spring. The data published this Thursday by Idescat are a first provisional estimate. The statistical agency will publish more detailed figures on December 15.