Catalonia's gross domestic product grew by 3.1%, on a year-over-year basis, during the last quarter of 2016 – according to the Advance of the GDP prepared by the Ministry of the Vice-presidency and of the Economy and Finance in collaboration with Idescat. All sectors showed year-over-year increases: the agriculture 11.3%, in industry by 5.8%, in construction by 3.7% and services 2.1%. On a quarter-over-quarter basis, the GDP of the Catalan economy grew by 0.6%.
In 2016 as a whole, the Catalan economy grew by 3.5% according to the Advance of the GDP. By sectors, all showed increases: the agriculture 8.5%, in industry by 5.2%, in construction by 3.7% and services 2.9%.
The gross domestic product (GDP) measures the final balance of the productive activity of production units in the territory. Eight GDP variation rates are published each year, two per quarter. About forty days after the end of the quarter, the Advance of the GDP (the responsibility of Idescat and the Ministry of the Vice-presidency and of the Economy and Finance) is published, which is calculated using short-term and incomplete information. Later, these estimates are updated in the Quarterly Accounts produced by Idescat.
The Quarterly Accounts are calculated both in terms of the supply and the demand using complete short-term information on the quarter. The cycle is repeated each quarter. So, while the Advance of the GDP fundamentally seeks to provide information quickly, the Quarterly Accounts seek to provide an integrated and coherent estimate both on the supply and the demand side.