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Quarterly Accounts. Q2/2020

The gross domestic product of Catalonia registered a year-over-year variation of −21.3% and a quarter-over-quarter variation of −16.9% in the second quarter of 2020.

From the demand perspective, the fall in GDP is explained mainly by the negative trend of domestic demand (−19.7%) in all segments, except in final consumption expenditure by government (5.3%). A prominent feature is the fall in household consumer expenditure (−26.3%) due to the freeze on non-essential purchases since the declaration of the state of alarm resulting from the COVID-19 health crisis. Gross capital formation showed a negative year-over-year rate of −22.7%. With regard to foreign trade figures, total exports abroad decreased by 37.7% year-over-year and total imports have fallen by 33.6%.

From the supply perspective, there has been a decrease in activity in all sectors, although to a lesser extent in agriculture. Construction is the sector that shows the largest decrease (−25.1%). The fall in the services sector (−20.4%) is mainly due to that of trade, transport and accommodation (−39.8%). Industry achieved negative year-over-year growth rates of −23.1%, and, finally, the agrarian sector shows a negative year-over-year variation of −2.3%.

The quarterly accounts take the 2019 Benchmark Revision as their methodological model, and are consistent with the Annual Economic Accounts for Catalonia. The quarterly records must be regarded as provisional, since the necessary consistency among annual and quarterly estimates means that the quarterly estimates have to be amended, at least for such time as the annual estimates are of a provisional nature.