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Catalan industry grows faster than European average. Employment doubles
- • Industry growth for the second quarter was 3.5%, the highest in the past six years
- • Industrial employment in Catalonia rose 4.3% in 2015
The Catalan economy posted quarter-on-quarter growth of 0.8% and year-on-year growth of 3.5% in the second quarter of 2016. The quarter-on-quarter rate is the same as for the first quarter and shows that the economy has not lost steam over these months, while the global economy is expected to slow somewhat. This data has been compiled jointly by Idescat and the Catalan Ministry of the Vice-presidency and of the Economy and Finance.
By sector, growth in the industrial sector in the second quarter of the year was at 3.5%, the highest in the past six years. Industrial production continues to be highly dynamic, with growth above the euro-zone average, in line with the trend that began in 2013.
In this regard, and according to the Informe Anual sobre la Indústria a Catalunya 2015the industrial Gross Value Added (GVA) rose 2.7%, one point higher than the euro zone average (1.8%), while the Industrial Production Index (IPI) was up 2.6% reflecting high business confidence that pushed industrial investment in Catalonia up 12.2%in 2015. This data contrasts with the shrinking investment in Spain (-1.5%) and the more moderate growth in the euro zone (5%).
As a result of the growing Catalan industry, industrial employment grew 4.3% in 2015, twice as much as the previous year, for the highest level in a decade and well above the euro zone average (0.4%). This increase in employment has helped push down industrial unemployment in a sector that is highly important for Catalonia, as it makes up 20% of its GDP and is key to generating employment, internationalization and innovation.
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