Barcelona's economy is growing faster, with a year-on-year GDP growth of 3.8%

The city’s economic activity is also performing very well, above end-of-year forecasts. These are the conclusions of the latest Economic Newsflash for the city published by the Department of Studies at Barcelona City Council’s Management Office for the Economy and Economic Promotion.

The city’s GDP experienced a year-on-year growth of 3.8% in the second quarter of the year, a bigger increase than that seen in Catalonia (+3%), Spain (+3.1%) and, in particular, in the European Union (+0.8%). The report shows that Barcelona’s GDP is now 8.2% higher than before the pandemic, with forecasts predicting a 3% growth in Catalonia’s GDP in 2024, driven mainly by the good performance of the tourism industry, investment and private consumption.

A clear improvement was also seen in the inflation figure, which in September fell below 2% for the first time in three years. Household disposable income saw a significant year-on-year increase of 9.4% in the second quarter, resulting in a nominal income level 25% above pre-pandemic levels.

More jobs and new companies

In September, Barcelona’s labour market had the highest number of people registered with the social security system recorded in the same month of any year: a total of 1,227,111 people, following a year-on-year increase of 2.4%.

Although most sectors contributed to net job creation, the information and communication sector particularly stood out with almost 29,000 more jobs during the period 2019–2024. The dynamic job market of strategic sectors, particularly the digital and creative sectors and the visitor economy, was also particularly noteworthy.

Registered unemployment remained at its lowest since 2008 despite a slight year-on-year  increase of 0.9%, and the number of new permanent employment contracts remained at an all-time high, accounting for 43.7% of all contracts signed between January and September.

The business climate also continued on an upward trend. New company creation in Barcelona is strong, ​​with a year-on-year increase of 6.3% in the first eight months of the year. Some strategic sectors grew even more, with examples including 19.5% in the ICT sector, 16.7% in the blue economy and 16.1% in the tourism industry.

A 112% increase in foreign investment

In 2024, Catalonia had the highest-ever number of subsidiaries of foreign companies operating in the region, 9,602 in total, 68% more than 10 years ago and 3.7% more than last year. These companies are mainly from the United States (15.1%), France (14.3%) and Germany (12%).

According to the report, they account for 18.2% of all employment, 30.4% of turnover and 47.3% of exports in the Catalan economy as a whole.

Productive foreign investment in Catalonia in the first half of 2024 totalled €1.761 billion, a year-on-year increase of 112.9%. Of this investment, 60% was in finance and insurance, the manufacturing industry and the information and communication sector.

The full report is available in Catalan, Spanish and English.