Catalan Economy The strength of an innovative and outward-looking nation - March 2022 - Gencat
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Catalan Economy
The strength of an innovative and
outward-looking nation
March 2022
General overview
Basic indicators of Catalonia
Population (2021) 7.7 million
Similar to Switzerland, Austria, Finland and
Denmark.
16.2% of Spain’s total population
GDP (2020) 224.125 M €
Similar to Finland, Romania or Czechia.
19.0% of Spanish GDP.
Per capita GDP (2020) Catalonia: 103.4
In PPS (EU-27=100)
GVA by sectors (2020) Agriculture (1.0%), Industry (19.8%),
(% of total GVA) Construction (5.1%), Services (73.9%)
Barcelona and its metropolitan area are a buzzing startup scene
and a leading technological hub in Europe. The Barcelona area
is also a center of commerce, culture and services, and a first-rate
tourist destination.
Catalonia’s network of dynamic intermediate cities contributes
to the strength of the Catalan economy.
Catalonia’s strategic location favors close linkages with the
Mediterranean, continental Europe and Asia.
3
Key data of the Catalan economy
Strong economic growth in pre- GDP downturn in 2020 and Sustained expansion of exports
pandemic years gradual recovery in 2021 of goods € billion
Real GDP growth. 2014-19 average (%) 2019Q4 = 100 85
105
2,8
2,6
3 65
95
1,9 1,7
2
1,5 85 45
0,8
1
75 25
IV I II III IV I II III IV
0
CAT ES EA DE FR IT 2019 2020 2021
Successful model of research High attraction of FDI Unemployment has increased
Best region to invest in southern less than in other recessions
Europe in 2022/2023 according to the
Unemployment rate (%)
4th position in the European Financial Times
25
Research Area by amount of 5-year average (million euros)
research grants per inhabitant 5,000 20
(ERC Program, 2007-2019) 4,000 13,3
15
3,000
• 34% of all Spanish patents 10,2
2,000 10
7,4
• 3.2% ERC scholarships while 1,000 5
Catalonia accounts for 1.7% of the 0
0
EU population
2016 2017 2018 2019 2020 2021
CAT ES EA
4
Gross Domestic Product
The Catalan economy grows by 5.9% in 2021, above the
Spanish economy and the euro area
Real GDP In 2020, Catalan GDP recorded a very
(annual percentage change)
strong contraction (-11.5%), more intense
than in the euro area. Among other factors,
due to the severity of the first wave, the
weight of sectors with high social
content activities (in particular with high
dependency on foreign tourism) and the low
turnout of sectors acting as stabilizers
(public administration or agricultural sector).
In 2021, the Catalan economy has grown
by 5.9%, above the Spanish economy
(5.0%) and the euro area (5.2%).
(f): forecast.
Source: Eurostat, IMF (January 2022), Idescat and
In 2022, the Catalan economy is expected
Government of Catalonia (October 2021). to recover more strongly than the euro
area.
Improving epidemiological evolution, in a
context of a high percentage of vaccination,
has been key to economic improvement.
6
In 2021Q4, the Catalan GDP rose sharply and grew above
the euro area, which has been more affected by bottlenecks
GDP in volume
(q-o-q percentage change)
Since 2021Q2, the Catalan economy
20,0
15,1
16,8 has been growing strongly, due to the
15,0 12,4 fewer health restrictions and high
10,0 vaccination rates.
5,0 3,3 2,2 2,6 2,3 2,2 2,0
0,2 0,0
1,2 1,3
0,3 Despite the global problems arising from
0,0
-0,6 -0,6 -0,7 -0,2 supply disruptions, rising inflation and the
-5,0
outbreak of the sixth wave, the Catalan
-10,0 economy has shown a remarkable
-11,4
-15,0 adaptation to these circumstances and
-16,0
-20,0 -17,7 is accelerating in 2021Q4.
2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4
Catalonia Spain Euro area In 2021Q4, the economic activity
GDP in volume. 2021Q4 increased significantly (2.2%), slightly
% q-o-q % y-o-y above Spain (2.0%) and well above EMU
Catalonia 2.2 6.9 (0.3%). In some countries, such as
Spain 2.0 5.2 Germany (-0.7% quarterly), the effects of
Italy 0.6 6.4 bottlenecks in industry have been
Euro area 0.3 4.6
significant.
Germany -0.7 1.4
France 0.7 5.4 In annual terms, the Catalan economy
Source: Idescat, INE and Eurostat.
recorded a of 6.9% growth in 2021Q4,
the second highest rate since 2001.
7
Services are consolidating their recovery, which is quite
widespread by subsectors
Gross Domestic Product in Catalonia On average, in 2021, the industrial and
(Seasonally and calendar adjusted data, annual percentage change)
services sectors grew strongly, while
2021 agriculture and construction show
2020 2021
A
Q1 Q2 Q3 Q4A moderate increases.
Agriculture -2.6 1.5 2.3 1.6 2.6 -0.4 After the rebound in 2021Q2 (derived in
Industry -9.0 5.6 0.1 18.3 3.3 2.5 part from the base effect), services have
Construction -15.4 1.8 -13.9 19.8 -1.7 7.8
significantly consolidated growth,
which has spread to many subsectors.
Services -11.7 6.3 -4.8 17.2 5.6 8.8
The improvement in construction also
GDP -11.5 5.9 -3.8 18.3 4.0 6.9 stands out in 2021Q4.
A
Advanced data.
The industrial sector has slowed down
Source: Idescat.
during 2021 due to disruptions in the
supply of intermediate goods and the
rising cost of inputs. It still maintains a
significant increase, except for the
evolution of the most affected subsectors.
8
The high diversification of the Catalan economy is helping to
recover from the COVID-19 crisis
GVA distribution (percentage of total GVA, 2020)
Catalonia has a long industrial
Catalonia Spain EA-19 EU-27
tradition. The weight of industry
Agriculture, livestock, forestry and fisheries 1.1 3.4 1.7 1.8
Industry (mining, manufacturing and energy) 19.8 16.1 19.1 19.5
(19.8%) and manufacturing
Manufacturing 16.4 12.1 16.0 16.2 (16.4%) in total GVA is higher
Construction 5.1 6.2 5.4 5.6 than the average in Spain, and
Services 73.9 74.3 73.8 73.1 similar to the euro area.
Commerce; vehicle repair; transport and
storage, and hotel
20.9 19.7 17.5 17.9 Trade is also a main pillar of
Trade and repair of vehicles 1
14.1 12.6 11.0 11.3 the Catalan economy.
1
Transportation and storage 4.7 4.6 4.8 5.0
Accommodation services, food and
6.5 6.4 3.1 2.9
beverages 1
Information and communication 4.0 3.9 5.3 5.5
Services
Financial and insurance 3.8 4.5 4.6 4.5
73,9%
Real estate activities 12.9 12.8 11.8 11.4
Professional, scientific, technical and
10.0 8.6 11.4 11.1
administrative
Public administration, education, health and
18.4 20.5 20.0 19.8
social services
Arts, entertainment, entertainment and other
3.8 4.2 3.1 3.0
services
1Dataof 2018 for Catalonia and of 2019 for the rest. Industry
Source: Idescat and Eurostat. Construction 19,8% Agriculture
5,1% 1,1%
9
Slowing in private consumption and dynamism in investment
Gross domestic product of Catalonia
(Seasonally adjusted data, annual percentage change) Demand-side data show a
2020 2021
moderation in the growth of
Annual private consumption:
average Q1 Q2 Q3 inflation is starting to take its
GDP -11.5 -3.8 18.3 4.0 toll and the retained savings
Domestic demand -8.2 -3.4 18.0 4.2 are mobilizing in part towards
Household consumer expenditure -12.5 -5.6 21.9 3.2 real estate investing.
Public administration consumer
5.0 2.1 4.5 2.6
expenditure1 By the end of 2021, signs
Gross capital formation 2
-13.6 -2.4 23.1 8.9 indicate that investment will
Equipment goods and others -11.5 5.5 26.8 14.2 remain dynamic, also driven
Construction -14.7 -10.8 20.0 1.7
by NGEU support.
External balance 3, 4
-3.3 -0.8 2.5 0.3
Foreign balance4 -3.1 0.0 3.1 0.0
Total exports of goods and services -22.6 -3.3 41.2 10.0
Foreign consumption -80.1 -91.6 816.4 37.8
Total imports of goods and services -18.3 -4.0 38.0 12.0
1
Includes the expenditure consumption by non-profit making institutions at the service of households.
2
Sum of gross fixed capital formation and the stock variation.
3
Includes the foreign balance and the balance with the rest of Spain.
4
Contribution to the GDP growth.
Source: Idescat.
10October forecasts for the Catalan economy predict an intense
growth: +6.4% in 2022
Macroeconomic forecasts for Catalonia After a strong rebound in 2021
(annual percentage change of GDP)
(5.9%), the Catalan GDP is
2022 2023
Generalitat de Catalunya October 2021 6.4 - predicted to grow at 6.4 % in 2022.
Chamber of Commerce of Barcelona January 2022 6.3 -
BBVA January 2022 5.7 5.0 Growth rate is higher than in most
euro area countries.
Macroeconomic forecasts for Spain
(% of GDP annual growth) The balance of risks is moving to
2022 2023
the downside, as a result of
Bank of Spain December 2021 5.4 3.9
IMF January 2022 5.8 3.8 increasing geopolitical tensions:
BBVA January 2022 5.5 4.9
Spanish government September 2021 7.0 - Downside risks: bottlenecks in
European Commission February 2022 5.6 4.4 supply chains, geopolitical tensions,
rising energy prices, inflation, new
Macroeconomic forecasts for the Euro area COVID waves.
(% of GDP annual growth)
2022 2023 Upside risks: progress in
Euro area February 2022 4.0 2.7 vaccination, economic indicators,
Germany February 2022 3.6 2.6 NGEU, accumulated savings.
France February 2022 3.6 2.1
Italy February 2022 4.1 2.3
Source: European Commission.
11Economic growth in 2022 will be driven by higher household
consumption and investment.
Domestic demand will
have a large contribution
to the GDP growth in
2022 because of the
recovery of household
spending and the boost
in gross capital
formation.
In 2022, the growth of
gross capital formation
will be even more
noticeable because of
the Next Generation EU
funds.
External trade balance
will have a positive and
higher contribution in
2022, as tourism
recovery gains traction.
12The Catalan economy will recover pre-pandemic level of GDP
by the second half of 2022
GDP in volume in Catalonia, Spain, and the euro area GDP in volume in Catalonia (2019=100)
(2019Q4=100)
105 110
100 105
95
100
90
95
85
80 90
75
85
IV I II III IV I II III IV
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
2019 2020 2021
Catalonia Spain Euro area
PreCOVID Forecasts (Ministry of the Economy and Finance)
Source: elaboration based on Idescat, INE and Eurostat data. October 2021 Forecasts (Ministry of the Economy and Finance)
GDP
Note: pre-COVID forecasts were released in the April 2020 outlook using
economic data up to 2019.
Source: elaboration from Idescat and Ministry of the Economy and Finance.
13Industry and services
Industry returns to a positive dynamics despite global
bottlenecks
Industrial Production Index (IPI)* Industrial Production Index. 2021
(annual percentage change of 3-month moving average) (percentage change compared 2019 and 2020)
6
Other non-metallic mineral
4 Pharmaceutical
Chemicals
Electronic, optical and electrical
2 Mining and quarrying
Rubber and plastic
0 Food, beverages and tobacco
Metal manufactures
-2 Machinery and equipment
Euro Germany Spain France Italy CAT Manufacturing
area
2021Q3 2021Q4 Total IPI
Paper and printing
*Calendar adjusted data, not seasonally adjusted data. Water treatment and supply
Source: Eurostat and Idescat. Other manufactures
Energy supply
Textiles and leather
Industrial production has grown by 8.7 % Motor vehicles and transport
compared to 2020, despite supply disruptions.
-30 -20 -10 0 10 20 30
Pharmaceutical and non-metallic mineral
manufactures have grown notably. Motor
2021 compared to 2020 2021 compared to 2019
vehicles and transport have been affected
by supply disruptions. *Not adjusted data.
Source: Idescat.
15Domestic tourism becomes a pillar of the sector in 2021,
awaiting for a stronger recovery of foreign tourism
Tourism indicators of Catalonia
% change % change
% of total
2021/2020 2021/2019
Hotel overnight stays Q4 2021 Q4 2021 Q4 2021 Q4 2019
Total overnight stays 416.9 -31.8 - -
from Catalonia 161.5 4.9 23.5 15.3
from the rest of Spain 280.5 -5.2 16.7 12.0
from abroad 897.8 -43.8 59.9 72.8
Foreign tourism
Tourists 421.2 -45.7 - -
Spending 586.5 -53.4 - -
Source: Idescat.
Tourism records were unprecedentedly weak in 2020, especially for international arrivals,
which fell by 80% in Catalonia as a consequence of tight mobility restrictions.
In the second half of 2021, internal tourism flows have rebounded, both from residents in
Catalonia and the rest of Spain. Hotel overnight stays from Catalans in 2021Q4 exceed by
4.9% those of 2019Q4.
Foreign tourism improvement is slower, foreign tourists in 2021Q4 are still 45.7% lower
than in 2019Q4. While their associate spending is 53.4 lower.
According to card payment data from BBVA, city destinations like Barcelona are encountering
a more challenging recovery of tourism spending.
16Most experts believe international tourism won’t recover its
pre-pandemic levels before 2024 in Europe
When is international tourism expected to rebound in When is international tourism expected to return to pre-
Europe? (% of survey respondents) pandemic 2019 levels in Europe? (% of survey respondents)
60% 70% 64%
50%
50% 60%
38% 50%
40%
40%
30% 32%
30%
20%
13% 20%
10% 10% 4%
0% 0%
0% 0%
by Q1 2022 by Q2 2022 by Q3 2022 by Q4 2022 by 2023 or 2022 2023 2024 or later
later
Source: UNWTO Panel of Experts survey (January 2022).
The recovery outlook of the tourist sector still faces uncertainties. The emergence of the Omicron
variant is threatening the recovery of tourism flows, especially in international tourism.
According to the January 2022 ExcelTUR survey, 36.6% of experts think tourism will be back to
pre-pandemic levels in 2022 in Catalonia, while the most popular opinion is that pre-
pandemic levels will be back in 2023 (57.8% of experts). These prospects are more optimistic
than those of the UNWTO Panel for all Europe.
17Foreign Trade and FDI
The increase in the propensity to export to global markets
represents a structural change in the last decade
External balance of goods and services in Catalonia (percentage of GDP)
15
12 12,3
9
6,0 6,3
6
3
0
-3
-6
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Foreign balance Balance with Spain External balance
Source: Idescat.
Since 2009, the export capacity of the economy has increased significantly. In 2020, amidst
negative shock in global trade, Catalan exports of goods and services fell by 22.6%.
Foreign contribution to the external balance of the Catalan economy has fallen from 8.9pp to 6pp
due to the interruption of tourism.
The trade surplus with Spain is maintained in parallel with an increasing orientation of Catalan
exports to international markets since 2009.
19A very powerful exporting sector in the European framework
External balance of goods and services, 2020 (% of GDP)
40 38,7
35
29,9
30
25
20
15 12,3 10,7
10 5,8
4.0
5 1,6
0
-5 -2,3
-7,5 -8,9
-10
Source: Idescat and Eurostat.
Catalonia has the 3rd highest foreign balance among EU countries (12.3%), only behind
Luxembourg (38.7%) and Ireland (29.9%) and ahead of exporting powers such as the Netherlands
(10.7%) or Germany (5.8%).
In 2020, trade flows have fallen more intensely than GDP. Exports of goods and services abroad
have diminished by 22.6%, while imports have been reduced by 18.3%.
The external balance gives a high capacity of financing in global markets.
20Catalan exports of goods grow remarkably and in 2021
exceed pre-pandemic levels
Evolution of exports of goods in Catalonia Evolution of exports of goods in Catalonia and selected
(million euros) countries / areas (% of annual change in volume)
87.500 18
14
75.000
10
62.500 6
2
50.000 -2
-6
37.500
-10
2018 2019 2020 2021
25.000 Catalonia World exports Euro area
Note: The actual growth data of Catalonia is obtained by an
approximation of the deflator's value of Spain's exports of goods.
Source: Idescat. Source: CPB, INE and Idescat.
Exports of goods show an annual change of 21.5% in 2021 in current values, slightly higher
than the annual growth of imports (+19.5%). Moreover, in 2021 exports are already 9.0% higher
than in 2019 and points to a new historical maximum, while imports remain a little bit lower
(-2.2% with respect to 2019).
In real terms, exports of goods in Catalonia grew by 12.6% in 2021, above the growth of the euro
area’s (8.9%) and the world’s exports growth (9.8%).
21The recovery of exports in 2021 is widespread across
branches
Exports of goods by industry
(contribution to annual percentage change) Export dynamics were positive
25 among most branches in the last
years. However, 2020 reduced
20
international trade severely (exports
15 decreased by 10.3% in Catalonia).
10
The most negative contributions
corresponded to the energy sector and
5 the equipment goods sector (both -2.8
0 pp), while the auto industry detracted
2.0 pp. Only the food sector showed a
-5
positive contribution.
-10
2021 shows a widespread recovery
-15
2017 2018 2019 2020 2021
(21.5%). The main contributions to
growth correspond to semi-
Consumption goods Automobile
Equipment goods Semi-manufactures
manufactures (8.7 pp), including
Energy products and Raw materials Food pharma and chemicals, while
Total (y-o-y % growth) equipment goods contributes with
Source: Idescat and AEAT. 4.0 pp.
22High-tech exports performed very well in 2021 and achieve
all-time records
High-tech manufacturing exports High-tech manufacturing exports
(% over total exports) (% of annual change in current values)
15 20
13
15
11
10
9
7 5
5
2018 2019 2020 2021 0
2018 2019 2020 2021
Catalonia Spain Source: Idescat.
Source: Idescat.
Exports of goods with high technological Exports of industrial products by technology level
content rebounded strongly in 2021 (+8.3% (2019=100)
of annual growth), representing 12.8% of 2018 2019 2020 2021
industrial product’s exports. High 84.6 100 104.0 111.8
Middle-high 102.4 100 86.2 107.3
In 2021 high-tech exports reached the Middle-low 93.6 100 80.1 104.8
highest value in the historical series, which Low 92.5 100 95.8 112.3
began in 1998. Total industrial prod. 96.2 100 90.1 108.9
Source: Idescat
23Chemical products and equipment goods are the largest
exporting sectors
Exports by activity branches. 2021 Imports by activity branches. 2021
(percentage of total) (percentage of total)
Source: Idescat.
Catalan exports account for 25.4% of all Spanish exports, while Catalan imports account
for 26.5%.
The chemical sector accounts for 27.2% of Catalan exports and 24.3% of imports. Its weight
in Spain as a whole is 44.1% in the case of exports and 37.5% in the case of imports.
Exports of machinery and equipment and the automotive sector also have a large weight in
Catalan exports.
24The export base of the Catalan economy widened between
2011 and 2019, and followed an upward trend in 2021
Number of regular and non-regular exporting companies*
8.000
7.000
6.000
5.000
4.000
3.000
2.000
1.000
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Regular exporting companies
Non-regular exporting companies
*Companies exporting less than 50,000€ are excluded.
Source: ICEX.
During 2014-2021, the number of regular exporting companies grew by 8,3 %. In 2020
there is a slight decrease due to the pandemic. Out of the 13,243 exporting companies in
2021, 7.551 have exported regularly a worth of at least 50,000 euros.
Regular exporting companies with an exported value over 5 M€ followed an upward trend in
2021, reaching a total number of 1,266 companies; that is, a 42 % accumulated growth rate
since 2011.
25Foreign Direct Investment inflows peaked in the period
2016-2020 with respect to the previous 5 years
Foreign direct investment in Catalonia (millions of euros)
5.000 In the last 5 years, Catalonia has received an
4.000 average annual FDI inflows over 4,500 M€,
3.000 26% more than in the previous 5 years.
2.000 FDI Markets (Financial Times) places
1.000 Catalonia as the region with the best FDI
0 strategy in Europe in 2022 and 2023.
In 2020, FDI flows shrunk globally by 42%
according to UNCTAD, while in Catalonia, FDI
9.000 inflows registered by the Ministry of Industry
decreased by 18.9%. 2021 data until
6.000
September show an annual increase of
3.3%, totaling more than 1.900 M€.
3.000
Featured foreign investments in 2020-2021:
PepsiCo's global digital hub, Microsoft's R&D
hub specializing in AI, Singapore's European
0 technology office TDCX and the Decathlon
1995 2000 2005 2010 2015 2020
logistics center.
Note: FDI statistics show strong volatility and it is recommended to analyze
the evolution over longer periods. In 2021 Barcelona is the 5th best ecosystem
Source: Ministry of Industry, Trade and Tourism. in the EU for creating a startup, and the 4th
hub in the EU in terms of rounds of funding
raised for startups in venture capital.
26Business dynamics
Sustained growth of active companies since 2014 and until
the COVID-19 pandemic negative impact
Number of companies in Catalonia
(thousands) Many companies closed as a consequence
645
of the global financial crisis. However,
this trend had been reversed in the
635 recovery period 2014-2019.
625
Since 2014, there had been a net
615 recovery in the number of active
605
companies. One of the key challenges to
gain competitiveness is increasing its size.
595
During 2020, the total number of
585
companies and those with their registered
575 office in Catalonia decreased 1.1.%, at the
2015 2016 2017 2018 2019 2020 2021
same rate as the Spanish economy. The
Total With head office greatest drops have been experienced by
small and medium enterprises, and those
*At 1st January of each year.
**The concept of the company as a statistical unit has changed for data with the sectors affected more intensively by the
reference date 1 January 2019. Consequently, the results from this year are not restrictions.
strictly comparable with those of previous years.
Source: Idescat and INE.
28Business dynamism rebounds sharply in 2021, after 2020 drop
Creation and dissolution of mercantile companies in Catalonia* Net creation of mercantile companies
(thousands) (thousands)
25 20
18
20 16
14
15
12
10 10
8
5 6
4
0
2
-5 0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Creation Dissolution Net creation Catalunya Madrid
*Dissolved companies are indicated in negative number. Source: INE, from Central Business Register.
Source: Idescat, from Central Business Register.
Overall, the creation of mercantile companies showed a positive trend until 2019, with a peak in 2016.
COVID-19 slowed down the dynamism of previous years due to economic uncertainties and difficulties
in carrying out administrative procedures,. as severe restrictions were imposed.
Net creation of mercantile companies in 2021 is the highest since 2017, showing the strong
recovery of the business sector.
29Labour market
Moderate impact in the labour market compared to other
recessions
Social Security affiliations Social Security affiliations and employees in temporary lay-off
(annual percentage change) procedures
6 3.600.000
4 3.400.000
3.0 2.7
2.4
2 3.200.000
0 3.000.000
-2 2.800.000
-2.6
-4 2.600.000
Jan. July Jan. July Jan. July Jan.
-6 2019 2020 2021 2022
Affiliates in lay-off procedures (ERTO)
-8 Affiliations excluding workers in ERTO
2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 Total affiliations
Source: Ministry of Inclusion, Social Security and Migration. Source: Spanish Ministry of Inclusion, Social Security and Migrations.
During the health crisis, the use of temporary lay-off schemes (ERTE) has allowed
employment to fall much less than in other recessions. In 2020, Social Security affiliations
decreased by 2.6% and LFS employment decreased by 3.0%. People affected by temporary lay-off
schemes are not included in the unemployed population.
During 2021, labour market has recorded a very positive evolution: affiliations increased by 2.7%,
LFS employment by 3.2%, and people in ERTE have been declining gradually.
31Unemployment rate has reached the lowest figure since 2008
Employment evolution compared to pre-pandemic situation Unemployment rate
(100 = 2019Q4) (% unemployed / active population)
105 30
100
25
95
90 20
85 15
80
10 10,2
75
70 5
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020 2021 0
Employment Total hours of work Social Security Affiliation
Note: the index of the working hours in each quarter is calculated as the
index with respect to the corresponding quarter in 2019. Catalonia Spain Euro area
Source: own elaboration with data from Idescat and Spanish Ministry of
Inclusion, Social Security and Migrations Source: Idescat, INE and Eurostat.
The economic recovery during 2021 has allowed to return to pre-pandemic levels of
employment.
Unemployment rate in 2021Q4 has decreased to 10.2%, the lowest rate since 2008.
The increase in the unemployment has hit particularly young people (the unemployment rate of
16 to 24 years old is 27.3% in 2021Q4, well above euro area figures).
32Prices
Bottlenecks and rising energy prices push up inflation rate
Contribution of components to inflation
(percentage points)
Inflation at the end of January 2022 hit an
annual 5.9%, one of the highest rates
7,0
since 1992. The rise in inflation is mainly
6,0
5,0
due to higher energy prices and bottlenecks
4,0 in the supply chains.
3,0 Underlying inflation is gradually rising
2,0 (2.3% y-o-y), probably due to pressure on
1,0 production costs. Second-round effects
0,0 are still limited, as shown by agreed salary
-1,0
increases in collective agreements (2.32% in
-2,0
January).
-3,0
Jan. Jan. Jan. Jan. Jan. Jan. However, recent geopolitical tensions are
2017 2018 2019 2020 2021 2022
pushing up energy –especially gas- and
Core inflation (Percentage points) other commodity prices, leading to a
Energy (percentage points) global supply shock. These factors may end
Unprocessed food (percentage points)
up increasing the annual inflation rate and
ICP (y-o-y % growth)
could delay consumption and investment
Source: own elaboration with data from INE. recovery.
There are also structural factors such as the
energy transition that represent an upward
pressure for inflation (supply inflation).
34Appendix:
International
rankingsCatalonia and Barcelona, well positioned
European European Global Power European Global Cities The World
cities and regions and City Index Attractiveness Investment Best Cities
regions of the cities of the 2021 Survey 2019 Monitor 2020 2021
future future 2022/2023 The Mori EY KPMG Resonance
2022/2023 FDI Magazine Memorial Consultancy
FDI Magazine Foundation
Top 10 of large Top 10 of major Number of
European regions European cities – European Most attractive international Top 10 Best
– FDI Strategy ranking European cities greenfield Cities
FDI Strategy
for foreign investments 1 London
investors (2018) 2 New York
1 Catalonia 1 Barcelona 1 London 1 Paris 1 London 3 Paris
2 North Rhine- 2 Milan 2 Paris 2 London 2 Paris 4 Moscow
Westphalia 3 Berlin 3 Amsterdam 3 Berlin 3 Singapore 5 Tokyo
3 Flanders 4 Munich 4 Berlin 4 Frankfurt 4 Dubai 6 Dubai
4 Madrid 5 Moscow 5 Madrid 5 Amsterdam 5 Shanghai 7 Singapore
5 Paris Region 6 London 6 Copenhagen 6 Munich 6 New York 8 Barcelona
6 Silesia Region 7 Sofia 7 Barcelona 7 Madrid 7 Hong Kong 9 Los Angeles
7 Emilia-Romagna 8 Budapest 8 Vienna 8 Warsaw 8 Barcelona 10 Madrid
7Lombardy 9 Amsterdam 9 Zurich 9 Barcelona
10 Stockholm 9 Madrid
9 Frankfurt 10 Tbilisi 10 Brussels 10 Tokyo
36Barcelona, a European city of reference in innovation
Innovation Cities Smart cities in the The Future is Tech Cities of the Tech cities index
Index 2021 World 2017 coming: Index of Future 2020/2021 2019
Innovation Cities Juniper Research Cities’ Readiness FDI Magazine Savills UK
Program, 2thinknow PwC
Top 10 Tech Cities –
European ranking FDI Performance
1 Singapore 1 Singapore European ranking
1 Paris 1 London
2 London 2 London
2 London 2 Dublin
3 New York 3 Shanghai 1 London
3 Stockholm 3 Paris
4 San Francisco 4 Barcelona 2 Amsterdam
4 Vienna 4 Amsterdam
5 Chicago 5 Moscow 3 Stockholm
5 Amsterdam 6 Seoul 5 Barcelona 4 Copenhagen
6 Oslo 6 New York 6 Berlin
7 Berlin 7 Toronto 5 Paris
7 Berlin 8 Tokyo 7 Madrid
8 Tokyo 6 Berlin
8 Istanbul 8 Belfast
9 Barcelona 9 Hong Kong 7 Dublin
9 Moscow 9 Vilnius
10 Melbourne 10 Sydney 8 Barcelona
10 Munich (…) 10 Bucharest
13 Barcelona
37Barcelona is consolidating as a European technological hub
EU-Start-Ups Digital Startup Digital Startup Startup Heatmap Startup
2020 Ecosystem Ecosystem Europe 2021 Ecosystem
Overview 2019 Overview 2019 European Startup Rankings 2020
BMWCapital (Source: BMWCapital (Source: Initiative Startup Blink
StartupHeatMap, Atomico StartupHeatMap, Atomico
and Dealroom) and Dealroom)
Top 10 of Europe’s Top 10 of hubs
biggest startup preferred by startup
Top 10 of European Top 10 of the
hubs creators in the case
technology hubs by European
of starting a project Top 10 of European
number of startups technological hubs
1 London again cities
by volume of
2 Berlin
1 London European investment
3 Paris 1 London 1 London
4 Amsterdam 2 Paris 1 London 2 Berlin 2 Berlin
5 Barcelona 3 Berlin 2 Paris 3 Moscow
3 Barcelona
6 Munich 4 Amsterdam 3 Berlin 4 Paris
3 Amsterdam
7 Madrid 5 Madrid 4 Stockholm 5 Amsterdam
5 Munich
8 Stockholm 6 Barcelona 5 Barcelona 6 Lisbon 6 Barcelona
9 Dublin 7 Stockholm 6 Hamburg 7 Stockholm
7 Paris
10 Milan 8 Dublin 7 Munich 8 Zurich 8 Kyiv
9 Helsinki 8 Cambridge 9 Tallinn 9 Madrid
10 Copenhagen 9 Amsterdam 10 Munich
10 Stockholm
10 Lisbon
38Other international rankings
Statistical Main MBA City Global MBA Ranking QS University
Report 2019 European Monitor 2017 2022 Ranking
International airports by ESADE Financial Times Top 50 under 50, 2021
congress and volume of (universities which are
conventions under 50 years old)
passengers
association
2020 Top 10 cities to
ACI Europe attract 1 Nanyang Technological
international 1 Wharton University, Singapore
talent to study an 2 Columbia Business School (NTU)
MBA 3 Insead 2 The Hong Kong
Number of
3 Harvard Business School University of Science and
participants 1 Boston 5 Kellogg School of Technology
1 Barcelona 2 New York
1 Istanbul Management 3 KAIST - Korea Advanced
2 Paris 3 London
2 Paris CDG 6 Stanford Graduate School Institute of Science &
3 Madrid 4 Paris
3 London of Business Technology
4 Lisbon 5 Chicago
Heathrow 7 Univ. of Chicago: Booth 4 Université PSL
5 Vienna 6 Toronto,
4 Amsterdam 8 London Business School 5 City University of Hong
Number of events Barcelona 9 Yale School of Kong (…)
5 Moscow SVO 8 San Francisco -
1 Paris Management
6 Frankfurt Silicon Valley 28 Universitat Pompeu
2 Lisbon 10 Iese Business School
7 Madrid 9 Route 40 North Fabra (…)
3 Berlin (…)
8 Istanbul SAW Carolina 36 Universitat
4 Barcelona 9 Moscow DME
5 Madrid 10 Singapore, 34 Esade Business Politècnica de
10 Barcelona Philadelphia School Catalunya
39Edited by the Directorate-General for Economic Analysis and
Foresight
Website on the Catalan Economy of the Ministry of the Economy
and Finance
http://economia.gencat.cat/
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