Quarterly Accounts. Q1/2020
The gross domestic product of Catalonia registered a year-over-year variation of −4.2% and a quarter-over-quarter variation of −4.9% in the first quarter of 2020.
From the demand perspective, the fall in GDP is explained mainly by the negative trend of domestic demand (−4.8%). Household consumption decreased by 7.5% due to the shutdown of activity caused by the COVID-19 health crisis. In contrast, the consumption of public administration agencies increased by 5.1% due principally to the increase in staffing costs and the purchase of healthcare goods and services. Gross capital formation showed a year-over-year rate of −5.8%. As for foreign trade, total overseas exports decreased by 6.4% year over year due to the fall of 3.8% in exports of goods and services and the reduction in consumption of foreign nationals in the territory (−19.0%). Imports decreased by 7.6%, which is explained by the reduction both in imports of goods and services (−7.7%) and in the consumption of residents abroad (−7.3%).
From the supply perspective, we can see a general fall in activity in all sectors, with the largest decrease in the construction industry (−7.7%). The services sector shows a year-over-year variation of −4.3%, due mainly to trade, transport and accommodation (−9.6%). Industry shows negative year-over-year growth rates (−2.4%) for the sixth consecutive quarter. Finally, the agrarian sector shows a year-over-year variation of −2.2%.
The quarterly accounts are presented using the 2019 benchmark revision as the accounting base and are congruent with the Annual Economic Accounts for Catalonia. 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.