The gross domestic product of Catalonia registered a year-over-year increase of 3.4% and a quarter-over-quarter increase of 0.8% in the third quarter of 2017.
From the standpoint of demand, it is observed that the Catalan economy as a whole is growing, driven by the positive evolution of domestic demand, with a year-over-year increase of 3.1%. The external balance also demonstrated positive contribution (0.7%) to the growth of Catalonia's economy.
From the standpoint of supply, there is evidence of industrial growth, with a year-over-year increase of 3.7%. Services also registered considerable economic activity, with 3.1% growth. The sector showing the highest growth was construction, maintaining its top ranking throughout the year, with third quarter growth accelerating to an annual rate of 6.4%. Finally, agriculture was the only sector showing a negative rate of change, 2.5%.
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. 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.