Quarterly Accounts. Q1/2025

Catalonia’s gross domestic product (GDP) recorded a year-over-year variation of 3.4% in the first quarter of 2025. In quarter-over-quarter terms, the variation was 0.3%.

The Quarterly Accounts estimates include the complete short-term economic information for the first quarter of 2025. This led to an upward revision of two tenths compared with the quarterly GDP advance published on 8 May 2025, regarding both the year-over-year rate and the quarter-over-quarter rate.

On the demand side, domestic demand was the component that contributed the most to GDP growth, with a year-over-year variation of 3.7%, although with less intensity compared with the previous quarter (5.0%). All components of domestic demand showed positive trends: household consumer expenditure increased by 3.9%, final consumption expenditure by government by 2.6%, and gross capital formation by 4.3%.

As for the foreign sector, total exports showed a year-over-year variation of 2.5%, resulting from the growth in exports of goods and services (1.8%) and the increase in non-residents’ consumption (6.6%). Imports recorded a year-over-year rate of 5.1%, due to the evolution of imports of goods and services (4.7%) and the consumption by inhabitants residing abroad (12.3%).

On the supply side, all sectors experienced growth, although with less intensity compared with the previous quarter. Services stood out at 3.6%, construction rose by 2.8%, industry by 2.4% and agriculture by 4.7%.

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.