The gross domestic product of Catalonia registered a year-over-year increase of 3.5% and a quarter-over-quarter increase of 0.8% in the fourth quarter of 2017.
In terms of demand, the contribution of the external sector to the growth of the Catalan economy was 1.1%. The foreign exchange balance stands out at 0.9%, thanks to good behaviour in goods and services exports, which exceeded that of imports (6.9% and 4.1% respectively) and countered the decrease in foreign consumption in the region (−0.5%). On the other hand, internal demand grew by 2.7% year-over-year, basically due to a growth in household consumption (2.0%).
In terms of supply, the most noteworthy point was the growth of the industrial and construction sectors, which with 6.4% achieved the best results in the last two years. The services sector grew by 2.6% year-over-year, while agriculture is the only sector that showed a negative fluctuation of 4.2%.
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.