The Catalan economy stagnates with a growth of 0.1% in the third quarter

The Catalan economy stagnated in the third quarter, registering a growth of 0.

Thomas Osborne
Thomas Osborne
04 November 2022 Friday 04:43
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The Catalan economy stagnates with a growth of 0.1% in the third quarter

The Catalan economy stagnated in the third quarter, registering a growth of 0.1% in the July-September period. The good performance of the tourism sector was not enough to offset the poor performance of the industry, which has accumulated negative year-on-year growth since January.

The inertia of the economy in the first part of the year allowed GDP to grow by 4.0% in year-on-year terms, according to the advance estimate by the Catalan Statistics Institute (Idescat). Comparisons with the evolution of Spain show that the evolution is somewhat worse in the last period and better when analyzed 12 months ago. In year-on-year terms, Catalonia grew two tenths less but in quarter-on-quarter terms it is one tenth lower. Comparisons with the EU are similar: better year-on-year and worse quarter-on-quarter.

The summer tourist campaign allowed the services sector to rebound by 6.0% and "is the main explanatory factor for the evolution of the Catalan economy this quarter, given the intensity of its growth and its weight in the Catalan economy", he pointed out. the Idescat. On the other side is the industry, which lost 2.4% in year-on-year terms. It is the third quarter that this fall occurs. "The metallurgical industry, one of the most affected by the evolution of energy prices, is one of the branches where production has been reduced the most," Idescat reported in a statement.

Agriculture shows falls (-15%) while construction maintained its rate better with year-on-year increases (2.7%).