According to progress estimates produced jointly by Idescat (Institute of Statistics of Catalonia) and the Catalan Economy ministry, in 2017 the Catalan economy grew 3.4%, just 0.1 points less than in 2016 or 2015. This puts the growth in Catalan GDP at three tenths above Spain as a whole and a point above the Eurozone average. The last three years' results (3.5% in 2015, 3.5% in 2016, 3.4% in 2017), following 2014's 2.3%, outline a period of strong growth for the Catalan economy.
The growth of the Catalan economy in the fourth quarter of 2017 was 0.8%, the same as the previous quarter. On the supply side, standouts are the strong growth in industry, the start of the construction recovery and the positive dynamics of the service sector, boosted by the reactivation of the other supply sectors and demand factors.
Improvements in construction
According to the Economy department, construction sector growth has remained stable through the year and "consolidated [the sector's] recovery". In the fourth quarter, it grew 5.3%, mainly thanks to housing. In fact, the number of homes started shows very significant relative growth, within still-moderate absolute levels. On the other hand, the recovery of public bidding for contracts during the year anticipates "a slight improvement" in civil engineering. Over 2017 as a whole, the growth in construction was also 5.3%, after 3.2% in 2016.
Accelerating exports
Catalan exports have again grown strongly in 2017, according to the press release, following the trend of accelerating international trade, although at higher rates. Exports of goods up to the end of November grew 8.9% and already passed the total for the whole of 2016. It should be added that during October and November export growth accelerated (to 10.2% and 11.8% respectively).
As for investment in capital goods, after a relatively slow second quarter, the latest numbers show a notable upturn of 5.4% in the third quarter.
Finally, the labour market in recent months has continued to offer positive signs, although with a little less strength than previous quarters. Over 2017, those registered as employed (either contracted or freelance) has grown 3.8% (in 2016 it grew 3.7%), with 104,522 new signups. According to the EPA (Survey of the Active Population), unemployment has followed a downwards trend in recent years, decreasing 14.2% over 2017. The unemployment rate was 12.6% in the fourth quarter and averaged at 13.4% over 2017 (the lowest since 2008). In the Eurozone it's at 9.1%, whilst in Spain as a whole it remains at 17.2%.