Catalan goods exports increased by 22.2% year-on-year in the first quarter of 2023, reaching 26,737.2 million euros, surpassing the Spanish average. In the overall state, exports grew by 14.6%, totaling 102,683.9 million euros, reports La Vanguardia.
According to the data published by the Ministry of Industry, Trade, and Tourism, merchandise imports in Catalonia grew by 9.9% in the first quarter of the year, reaching 29,043.8 million euros. Similarly, in the overall Spain, imports increased by 4% in the first quarter of the year, reaching 109,262.2 million euros. The boost in exports both in Catalonia and the whole of Spain contributed to reducing the trade deficit.
In the case of Catalonia, the trade deficit was nearly halved, by 49%, going from a trade deficit of 4,544.4 million euros registered in the first quarter of 2022 to a deficit of 2,306.6 million euros from January to March of the current year. In the overall Spain, the trade deficit decreased by over 57%, reaching 6,578.3 million euros.
Catalonia accounts for 26% of the total exports of the country and 26.6% of imports, the highest percentage among all regions in both aspects. Notable exports included chemicals, with 8,041.5 million euros (30% of the country's total); automobile exports, which reached 4,354.7 million euros until March, and capital goods exports, with 4,069 million euros.
The economic situation is slowly but improving in the country. The European Commission has revised its economic forecast for Spain, predicting a growth of 1.9% for the Spanish economy this year. This is significantly better than the previous forecast of 1.4% and much higher than the general forecast for the Eurozone, which stands at 1.1%. The European Commission believes that Spain's GDP will grow by 2% in 2024.
According to the data published by the Ministry of Industry, Trade, and Tourism, merchandise imports in Catalonia grew by 9.9% in the first quarter of the year, reaching 29,043.8 million euros. Similarly, in the overall Spain, imports increased by 4% in the first quarter of the year, reaching 109,262.2 million euros. The boost in exports both in Catalonia and the whole of Spain contributed to reducing the trade deficit.
In the case of Catalonia, the trade deficit was nearly halved, by 49%, going from a trade deficit of 4,544.4 million euros registered in the first quarter of 2022 to a deficit of 2,306.6 million euros from January to March of the current year. In the overall Spain, the trade deficit decreased by over 57%, reaching 6,578.3 million euros.
Catalonia accounts for 26% of the total exports of the country and 26.6% of imports, the highest percentage among all regions in both aspects. Notable exports included chemicals, with 8,041.5 million euros (30% of the country's total); automobile exports, which reached 4,354.7 million euros until March, and capital goods exports, with 4,069 million euros.
The economic situation is slowly but improving in the country. The European Commission has revised its economic forecast for Spain, predicting a growth of 1.9% for the Spanish economy this year. This is significantly better than the previous forecast of 1.4% and much higher than the general forecast for the Eurozone, which stands at 1.1%. The European Commission believes that Spain's GDP will grow by 2% in 2024.