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- The Catalan GDP will be up 3.3% for 2015
- Economic growth is fuelled mainly by internal demand
The Catalan economy will grow 3.3% this year and 2.4% in 2016, according to BBVA Research, the BBVA studies service, as highlighted in the ‘Situació Catalunya’ report, which also states that 167,000 new jobs will have been created by the end of these two years.
These positive perspectives for the Catalan economy coincide almost exactly with those from other institutions in the country, like the Chamber of Commerce, which predicts the GDP will increase 3% and 2.8% respectively in 2015 and 2016. According to the report, growth is based on internal demand, especially from the private sector, although exports are growing at a steady pace.
The BBVA report highlights that some external elements have benefited the Catalan economy, such as growth in Europe, low oil prices and the expansionary monetary policy. The study also points out that exports from Catalonia have continued to grow and now make up 30% of the GDP, up nearly 10% in the past five years.
In this regard, it must be noted that Catalan exports posted 7.16% growth in the first half of this year. In Europe, Catalan exports were above the EU average (5.1%) and that of benchmark countries like France (1.6%), Germany (6.2%) and the United Kingdom (-2.2%).