Quarterly Accounts. Q4/2024. Advance of the GDP

Catalonia’s gross domestic product rose by 3.9% year-over-year in the fourth quarter of 2024 according to the advanced estimate. In quarter-over-quarter terms, the rate of change in Catalonia was 0.7%.

The year-over-year rate of change in the fourth quarter of 2024 was three tenths of a percentage point lower than in the previous quarter. All sectors grew: services were up by 4.6% year-over-year, six tenths of a percentage point less than in the third quarter (5.2%); industry posted a year-over-year rate of 2.7%, one point lower than in the previous quarter (3.7%); construction registered year-over-year change coming to 3.4% when in the previous quarter it was 1.7%, and agriculture saw an 8.7% increase in value added, 1.8 points higher than in the previous quarter.

The purpose of the quarterly advance of GDP is to provide information on the evolution of the Catalan economy with the least possible delay after the reference quarter. For this reason, main aggregates are calculated using statistical sources that do not cover the entire period and do not normally include data for the third month of the quarter.

The advance of the GDP results for the fourth quarter of 2024 is provisional and will be updated in the next publication of the Quarterly Accounts, scheduled for 20 March.

In accordance with Eurostat recommendations, statistics offices must periodically update (at least every five years) the sources and estimation methods used to compile the economic accounts. All the results of the statistics making up the economic accounts of Catalonia will include this revision in accordance with the updating policy of each operation from March 2025 onwards, coinciding with the release of the Annual Economic Accounts for Catalonia 2024 and the accounts for the fourth quarter of 2024. The Benchmark Revision 2024 will be applied to the entire accounting series 2000-2024.

In the case of the Spanish economic accounts, the results of the annual and quarterly accounts were published in September 2024 in accordance with the Benchmark Revision 2024.