Barcelona is experiencing a significant economic resurgence, as evidenced by two recent reports from the Municipal Data Office (OMD). The city’s economy accelerated in the second quarter of 2024, with GDP rising by 3.8% compared to the same period last year. High-street spending has also seen a remarkable increase, up by 7.2% between July and September compared to the previous year.
The OMD’s report on GDP for the second quarter reveals notable developments in various sectors. The building sector, for instance, has shown a revitalization, with growth increasing from 0.6% to 2.7%. Meanwhile, the services sector, which encompasses commerce, hospitality, and transport, saw a substantial rise from 2.7% to 4.5%.
When comparing Barcelona’s GDP in constant euros from before the pandemic to the start of 2024, the city has surpassed its pre-crisis GDP by an impressive 8.2%, indicating a robust recovery and growth trajectory.
In addition to GDP growth, private consumption in Barcelona is on the rise. An analysis of debit and credit card transactions shows that spending levels have increased by 35% compared to the third quarter of 2019. This surge is attributed to higher household incomes and a rebound in international tourism.
The report highlights specific sectors leading this growth: transport and motor vehicles at 13.7%, educational leisure and sports at 10.9%, and tourism services and restaurants at 9.4%. Interestingly, while these sectors thrive, growth in the technological sector has continued to decline since the last quarter of 2023, dropping by 27.2%.
By category, leisure activities have seen a remarkable increase of 21.6%, while bars and restaurants have grown by 13.5%. Accommodation services have also experienced a healthy growth of 5.6%. However, not all categories are thriving; spending on books and press has decreased by 0.2%, and household spending has seen a significant drop of 32.4%.
The report also breaks down spending growth by district, revealing that Horta-Guinardó (9.6%), L’Eixample (9.4%), Sant Andreu (8%), Sants-Montjuïc (7.4%), and Les Corts (7.3%) are the areas with the highest increases in spending.
The economic indicators presented in these reports underscore Barcelona’s dynamic recovery as it navigates the post-pandemic landscape. With growth across various sectors and an upturn in private consumption, the city is poised for a promising future. As international tourism continues to rebound and household incomes rise, Barcelona’s economy shows signs of sustained vitality, making it an attractive destination for both residents and visitors alike.
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