Quarterly Accounts. Q4/2023

Thegross domestic product of Catalonia registered an interannual variation of 2.8% in the fourth quarter of 2023, one point and one tenth higher than the previous quarter (1.7%). In quarter-over-quarter terms, the variation was 0.9%.

From the point of view of internal demand, it grew by 2.3% year-over-year, one point and eight tenths more than the third quarter (0.5%). This growth is explained by increases in consumption expenditure by government (4.2%) and household consumer expenditure (3.0%). On the contrary, gross capital formation shows a decrease of 1.8% determined by the reduction in investment in capital goods (−4.5%) and the growth of 1.5% in investment in construction.

Regarding the foreign sector, total exports increased by 3.3% year-over-year. This figure is determined by the growth in foreign consumption (25.7%) and goods and services (0.5%). Total imports grew by 0.8%, as national residents consumption abroad increased by 7.5% and imports of goods and services by 0.4%.

On the supply side, the evolution of industry stands out (3.8%). Services registered a year-over-year variation rate of 2.9%, one point and two tenths higher than in the third quarter. Construction experienced a growth of 0.6%, while agriculture decreased by 14.8%.

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.