The gross domestic product of Catalonia recorded a year-over-year increase of 3.4% and a quarter over quarter rise of 0.7% in the third quarter of 2016.
From the standpoint of demand, the Catalan economy as a whole is driven by internal demand, with an increase of 2.3% on a year-over-year basis, as well as by the contribution of the external balance (1.4%). The evolution followed by internal demand mainly reflects the slowdown in household consumption (2.5%) and gross capital formation in equipment goods (2.6%) in the third quarter of the year. Regarding the contribution to growth of external sector, it is worth mentioning the evolution of exports of goods and services (4.1%), which exceeds the growth of imports in the same period (2.8%).
From the standpoint of supply, we can appreciate the remarkable activity of the industry, which has achieved growth of 5.4% on a year-over-year basis. Services and construction are also contributing to economic growth, with rates of 3.1% and 2.9%, respectively. Finally, the agricultural sector has maintained a stable growth rate of 0.1%, in the third quarter of the year.
The Gross Domestic Product (GDP) is the sum of the value of all end goods and services produced by an economy over a certain period of time and distributed via the market. Variations in GDP are used to measure economic growth and decline. The aggregates contained within the GDP constitute the quarterly or annual macroeconomic chart of the Catalan economy. From the supply side, the GDP reports on production in each sector, while from the demand side it does so for expenditure on household consumption and by public administrations, expenditure on investments (gross capital formation) and expenditure by the foreign sector.
The quarterly accounts are presented using the year 2010 as the accounting base and are congruent with the Annual Economic Accounts for Catalonia. Base 2010. The quarterly series should be treated as provisional, given that the need for coherence between the quarterly and annual estimations implies modifications to the quarterly estimations, at least while the annual estimations are still provisional.