The Economy of Catalonia

2010, Catalonia was in 64th place out of 280 regions, and formed part of
a second group which also included leading industrial regions like Hanover
(Germany) or Veneto (Italy), and slightly above two regions with a
strong industrial and trading tradition, Tuscany and Piedmont. However,
it must be pointed out that Catalonia only achieved 154th place for
accumulated average growth rate in the period from 2000 to 2010, as the
strong figures for the first part of the decade were offset by the global financial
crisis which began in 2007/2008. This crisis has had particularly
devastating effects since 2009, in particular in the regions most exposed
to cheap credit from the introduction of the euro onwards, as is the case
of the south of the continent.
An industrial tradition with highly diversified sectors
Without ignoring the current difficult situation and the problems arising
from it, it is fair to state that Catalonia today has not inconsiderable industrial
muscle. In fact, in 2012 the industrial sector as a whole, including
the services associated with production, accounted for 65% of gross
value added (GVA), only behind the economies of central and eastern
Europe (Poland, Lithuania, the Czech Republic and Latvia) which form
the basis of the outsourcing of the value chain for German companies
and those of other countries in western Europe, and ahead of Germany
(61%), Italy (58%), Spain (58%) or France (53%). Thus, Catalonia accounts
for nearly 23% of Spanish industrial GVA and, as shown in figure
2, stands out in two traditional industries, chemicals and pharmaceuticals,
where the Catalan turnover represents nearly half (44%) the Spanish
total. Moreover, in other traditional industries, electrical goods and
equipment manufacturing, electronics and optics, paper and graphic art
and textiles, leather and footwear, the share of Catalan industry within
the total for Spain is also notable, varying between 26% and 32%.
Furthermore, the importance of Catalan production of motor vehicles
and machinery is also considerable, accounting for nearly a quarter of the
total for Spain and playing an important part in the country’s international
business, as described below. It is fair to say that this leading role in
the sectors mentioned is due to the record of Catalan industry in terms of
productivity, quality and innovation, which emerged in an industrial
revolution which was almost unique in a southern European region. In
The position of an independent Catalonia in the international context 17