Quarterly Accounts. Q2/2023

The gross domestic product of Catalonia registers a year-over-year variation of 1.5% in the second quarter of 2023. In quarter-over-quarter terms, the variation is 0.2%.

The Quarterly Accounts estimates for the second quarter of 2023 have entailed a revision of three tenths of a percentage point lower in the year-over-year rate of change, and two tenths of a percentage point lower in the quarter-over-quarter rate with respect to the quarterly GDP advance published on 31 July 2023.

From the point of view of demand, , the evolution of GDP is mainly explained by the 1.4% increase in domestic demand. All components recorded growth, but at different rates: final consumption expenditure by government grew by 2.5%, household consumer expenditure by 1.2% and gross capital formation by 0.7%.

As for the foreign sector, total exports showed a year-over-year increase of 9.5%, which is explained by the 6.5% growth in exports of goods and services and by the 24.4% increase in tourism consumption by foreigners in the territory. Total imports recorded a growth of 8.0%, due to the 7.2% increase in imports of goods and services and the 24.5% increase in consumption by residents abroad.

On the supply side, construction, with a variation of 5.5%, is the sector that grew the most, although with less intensity than in the previous quarter (6.6%). Industry increased by 1.3%, two tenths of a point higher than in the first quarter (1.1%). The services sector grew by 1.2%, compared with 3.7% in the previous quarter. Finally, agriculture presented a year-over-year variation of −2.5%.

The Quarterly Accounts are consistent with the corresponding Annual Economic Accounts for Catalonia. Quarterly series should be considered provisional, as the necessary coherence between annual and quarterly estimates requires quarterly estimates to be modified, at least as long as the annual estimates are provisional.