The gross domestic product of Catalonia registered a year-over-year increase of 3.1% and a quarter-over-quarter increase of 0.7% in the second quarter of 2018.
In terms of demand, the growth was principally due to the evolution of domestic demand (2.8%). The components that increased the most were the gross capital formation (4.8%) and the public administration consumer expenditure (3.2%), while the household consumption expenditure showed a lower growth (2.0%). On the other hand, the contribution of the external balance was of 0.6%.
In terms of supply, the most noteworthy point was the growth of the construction sector, which recorded a year-over-year increase of 6.3% during the quarter. Moreover, industry registered a 4.0% increase and the services sector grew by 2.6%; conversely, agriculture displayed a negative variation rate of 0.8%.
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.