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Quarterly Accounts. Q1/2024

The gross domestic product of Catalonia registers a year-over-year variation of 3.0% in the second quarter of 2024. In quarter-over-quarter terms, the variation is 0.9%.

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Infographic(In Catalan)

The estimates of the Quarterly Accounts for the second quarter of 2024 incorporate the economic information available at the time of their preparation, which meant an increase of one tenth, both in the year-over-year variation rate and in the quarter-over-quarter variation rate, compared to the GDP advance for the second quarter published on 31 July 2024.

From the perspective of demand, domestic demand was the component that contributed most to GDP growth, with a variation of 3.1%, seven tenths more than in the previous quarter (2.4%). This growth is explained by increases in final consumption expenditure by government (3.9%) and household consumer expenditure (2.6%). Gross capital formation, on the other hand, showed an interannual rate of 3.4%, a figure explained by the growth in investment in capital goods (5.3%) and by the growth in investment in construction (1.6%).

As regards the foreign sector, total exports showed an interannual variation of 0.6%, the result of a differentiated evolution of its components: exports of goods and services decreased by -1.5%, while consumption by foreigners in the territory grew by 13.1%. As regards imports, they showed an interannual rate of −1.5%, the result of the evolution of imports of goods and services (1.6%) and consumption by residents abroad (0.3%).

From the supply perspective, all sectors showed positive developments in activity. Industry stood out with growth of 5.0% and agriculture, which grew by 10.9%. Construction increased by 3.6% and services by 2.4%.

The Quarterly Accounts are consistent with the corresponding Annual Economic Accounts for Catalonia. Quarterly series should be considered provisional, as the necessary coherence between annual and quarterly estimates requires quarterly estimates to be modified, at least as long as the annual estimates are provisional.