The autonomous communities of the Balearic Islands, Valencia, Catalonia, the Canary Islands and Navarre are the regions that have recorded the largest falls in GDP in the second quarter compared to the first quarter of the year, with declines of more than 20%. In all cases it has been a quarter affected entirely by the covid-19 crisis in Spain.
This follows from the estimate of the GDP of the Autonomous Communities (CA) for the second quarter of 2020, prepared and published on Tuesday by the Independent Authority for Fiscal Responsibility (Airef) using the quarterly estimation methodology for Autonomous Communities of GDP (Metcap). This calculation is made after a quarter-on-quarter fall in national GDP of 18.5% and a year-on-year fall of 22.1%.
In quarter-on-quarter terms, the Balearic Islands was the region that recorded the largest fall in GDP in the second quarter, with a collapse of 26.4%. It is followed by four more communities without falling below 20%: the Valencian Community (-22.1%), Catalonia (-22%), the Canary Islands (-21%) and Navarre (-20.9%). The falls in the economies of La Rioja (-19.5%) and Aragon (-19%) were also above the national average.
Already below the national average, Airef estimates that the GDP falls of the community of Madrid (-18%), Asturias (-16.8%), Basque Country (-16.7%) were located , Andalusia (-15.6%), Castilla y León (-15.2%), Castilla-La Mancha (-15.1%), Galicia (-14.9%), Cantabria (-14.4%) , Murcia (-13.5%). The community of Extremadura would have been the region with the lowest number of declines, namely -12.5%.
An identical year-on-year rate
At a year-on-year rate, the evolution was practically identical, recording the largest declines in GDP. Above the national average (-22.1%) we can find the same seven regions: Balearic Islands (-30.1%), Catalonia (-26.1%), Valencia (-25.6%), Navarre (-24.9%), the Canary Islands (24.6%), La Rioja (-24%) and Aragon (-22.9%).
On the other hand, with a fall below the national average were the Community of Madrid (-21.6%), Asturias (-20.7%), the Basque Country (-20.5%), Andalusia (-18 , 9%), Castilla-La Mancha (-18.6%), Castilla y León (-18.5%), Galicia (-18.2%), Cantabria (-17.8%), Murcia (-16 .2%) and Extremadura (-15.2%).
The quantitative methodology used by Airf combines three types of statistical information available for regional analysis: monthly data of economic indicators disaggregated at territorial level, annual data compiled in terms of national accounting by the Regional Accounting of ‘Spain (CRE) and, finally, the estimates for the national set published by the Quarterly National Accounts (CNTR).
Unemployment rises 5.52%
The coronavirus crisis has also increased unemployment in Catalonia, specifically by 5.52% this March, an increase of 21,833 people compared to the previous month and a total of 417,047, as reported last week by Ministry of Labor. Compared to the same month in 2019, the number of unemployed has grown by 21,307 people, 5.38% more.