The gross domestic product has registered a year-over-year increase of 2.6% and a quarter-over-quarter increase of 0.8% in the first quarter of 2017.
From the standpoint of demand, it is observed that the Catalan economy remains highly dynamic, mainly driven by internal demand, which has achieved a year-over-year progress of 2.5%, and, to a lesser degree, by the contribution of the external balance (0.4%). From the standpoint of supply, remarkable activity can be seen in the construction sector, which maintains high year-over-year growth rates (5.8%). Services continue to perform well and a 2.2% increase was recorded in comparison with the same period of the previous year. The industry's growth rate has slowed and has achieved a year-over-year growth rate of 3.1%. Finally, the growth rate for the agricultural sector slowed, but remains dynamic (4.6%).
Idescat has expanded upon the results of the Quarterly Accounts for Catalonia by disseminating GDP aggregates from the supply and demand side, at current prices and in indexes by volume. Similarly, it is publishing the year-over-year variation rates for the series at current prices, and the quarter-over-quarter rates for the series at current prices and by volume. Furthermore, regarding offer, Idescat has expanded upon the detail of the services with the following groups of branches: Trade, transport and hostelry; Real estate, professional and other activities; Public administration, education, health and social services.
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.