Quarterly Accounts. Q4/2024

The gross domestic product of Catalonia registered a year-over-year variation of 3.9% in the fourth quarter of 2024, the same as in the previous quarter. In quarter-over-quarter terms, the variation was 0.9%.

The data published today have been calculated according to the new Benchmark Revision 2024 which Idescat has implemented in compliance with international recommendations in the European area. This Benchmark Revision involves updating all the published series both the Quarterly Accounts for Catalonia and also the Annual Economic Accounts for Catalonia.

On the demand side, domestic demand grew by 5.0% year-over-year, three tenths of a percentage point higher than in the third quarter of the year (4.7%). All three components of domestic demand showed positive trends, with gross capital formation standing out at a variation of 6.9%. Final consumption expenditure by government was up by 5.3% and household consumer expenditure by 4.2%.

As for the foreign sector, total exports posted a year-over-year change of 2.4%, eight tenths of a percentage point lower than in the previous quarter (3.2%). Out of both components of total exports, non-resident consumption grew by 9.1% and exports of goods and services by 1.3%. Imports rose by 5.3%, driven by the evolution of consumption by inhabitants residing abroad (10.6%) and imports of goods and services (5.0%).

On the supply side, the performance of services stood out at 4.2%. The rest of the sectors also posted growth in activity: industry by 3.0%, construction by 3.5% and agriculture by 4.6%.

The Quarterly Accounts are consistent with the corresponding Annual Economic Accounts for Catalonia. Quarterly series should be considered provisional, as the necessary coherence between annual and quarterly estimates requires quarterly estimates to be modified, at least as long as the annual estimates are provisional.