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Quarterly Accounts. Q3/2021

Catalonia's gross domestic product registered a year-over-year variation of 4.1% in the third quarter of 2021. This increase in GDP is mainly explained by the increase in domestic demand (4.2%). In quarter-over-quarter terms, the variation was 1.3%.

From the demand-side perspective, domestic demand grew by 4.2%, with an upward trend in all items. Gross capital formation underwent the most dynamic growth (8.9%) as a result of the strong increase in investment in capital goods (14.2%). Household consumption also stands out with an increase of 3.2%, while general government consumption maintained positive rates, at 2.6%.

With regard to the foreign sector, total exports abroad increased by 10.0% year-over-year. This improvement was due the increase in the export of goods and services (8.7%) and consumption by foreigners in the territory (37.8%). Total imports from abroad increased by 12.0%, as imports of goods and services increased by 12.2% and consumption of residents abroad by 2.9%.

From the supply side, the recovery of economic activity in all sectors is worthy of note. Industry increased by 2.7%, with the chemical and metallurgy branches contributing to this the most. The services sector grew by 5.3%, with trade, transport and hotel and accommodation and food service activities standing out (12.0%), particularly air transport, hotels and restaurants. Construction showed a year-over-year rate of 0.5%, in sharp contrast with its results with respect to the previous quarter (21.9%). However, the agricultural sector attained a positive year-over-year variation of 3.2%, which shows an improvement compared to previous quarters.

The Quarterly Accounts are consistent with the corresponding Annual Economic Accounts in Catalonia. The quarterly series should be considered provisional, given that they are subject to modification in order to guarantee their consistency with the annual estimates, at least as long as the annual estimates are provisional.