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Quarterly Accounts. Advance of the GDP. Q2/2020

The gross domestic product of Catalonia registered a year-over-year decrease of −20.1% according to the advanced estimate of the second quarter of 2020. The quarter-over-quarter rate of Catalonia stood at −15.6% this second quarter.

In the second quarter of the year, all sectors presented negative rates of variation, which reflect the intense economic recession caused by the COVID-19 pandemic and the measures derived from the entry into force of the declaration of the state of alarm.

Industry showed a year-over-year rate of −22.1%, but with markedly different impacts depending on the branches of activity: the industries affected by the breakdown of global supply chains, such as transport equipment manufacturing, have seen a sharp reduction in activity, whereas the food, chemical and pharmaceutical industries have also experienced a reduction in activity, but to a more moderate extent. On the other hand, there is a series of activities that, although they have negative growth rates, since May have already shown a tendency to recover. These are, for example, graphic arts, metal products, machinery and electrical equipment.

The services sector showed the largest drop in activity in the entire available series of records (−18.9%). One of the factors that explains this decline is the situation of tourism-related services, as until June the borders have been practically all closed and mobility between autonomous communities has been restricted to the maximum for tourism reasons. In contrast, telecommunications, IT and postal activities have maintained a remarkable degree of activity compared to the previous year and, within services, the performance of the services provided by the public administrations stood out, which have increased in terms of added value.

Construction decreased by 23.4% and the fall in activity in the first quarter of the year worsened. Finally, agriculture maintained the negative trend of previous quarters, with a rate of −2.3%.

The aim of the Advance of the Quarterly GDP is to provide information on the evolution of the Catalan economy with the least possible delay with respect to the reference quarter. For this reason, the calculation of macromagnitudes uses statistical sources that do not cover the entire period and normally exclude data for the third month of the quarter.

The advance of the GDP results for the second quarter of 2020 is drawn up using information available today on the economic evolution of the quarter. It is provisional in nature and will be updated in the next publication of the quarterly accounts, scheduled for 10 September.