The deindustrialization of the Catalan financial system is a standard course of that has taken place all through Spain, Europe and the US.
The deindustrialization of the Catalan financial system is a standard course of that has taken place all through Spain, Europe and the US. However it's shocking to notice that in 1955 43% of every little thing produced in Catalonia (GDP) got here from the manufacturing trade and now (with information from 2021) it's only 17%. They're nearly two-thirds much less. With employment, the development is extra pronounced. Virtually 70 years in the past, 35 out of each 100 staff had been manufacturing unit staff, and as we speak it's only 11 out of 100. The info is taken from the sequence printed final week by Ángel de la Fuente, de Fedea, and Pep Ruiz, from BBVA Analysis. The report solely analyzes the manufacturing trade. The commercial sector covers a barely wider space.
The director of the research service of the Barcelona Chamber of Commerce, Joan Ramon Rovira, locations what is going on in Catalonia inside "a generalized development" around the globe. In Spain as an entire - as might be seen within the graph - the evolution has not been so marked. In 1955, manufacturing accounted for 26% of GDP, and as we speak it accounts for 11%. The sharpest fall in Catalonia can be defined by the truth that it began from a better stage.
However the autonomous neighborhood that has endured one of the best is the Basque Nation. At the moment 22% of its GDP comes from the manufacturing trade, in comparison with 46% nearly seventy years in the past. Rovira explains this by stating that the Basque Nation has not skilled the increase in tourism that there was in communities corresponding to Catalonia. The heading "commerce, hospitality, tourism and communications" has elevated its weight within the Basque Nation's GDP from 14.3% to 22.1%. Then again, in Catalonia, the rise on this interval has been a lot larger: it has gone from 16.8% to 26.8% of GDP. That is 10 extra factors. The tourism revolution that has taken place in Catalonia, Valencia or the Balearic Islands is exclusive inside Spain as an entire.
One other technique to analyze the evolution of the manufacturing trade by neighborhood is to see how the relative weight has modified through the years. In 1955, 31% of all Spanish manufacturing originated in Catalonia, and now it's 25.5%, so it has remained comparatively secure. Rovira explains that within the first years analyzed within the sequence, Catalonia's weight within the GDP saved falling to the lows of the Nineteen Eighties, when the neighborhood suffered the nice industrial conversion. In actual fact, the years 1982 and 1983 are the one two years by which Catalonia is the neighborhood with probably the most unemployed folks. It surpassed Andalusia, the territory that has led the unemployment rating in current decades. From the mid-Nineteen Eighties, with the entry into the European Union, the Catalan trade gained weight once more till the disaster of 2008, when it was lowered once more.
Sources from the Division of Enterprise of the Generalitat, led by Roger Torrent, level out that "the decline in industrial weight because the twentieth century has occurred in most Western economies, impacts the entire of the Eurozone and is attributable to a number of causes: the tertiaryization and diversification of the financial system, the relocations produced, and the outsourcing of ancillary companies".
Joan Ramon Rovira factors out that, within the case of the Basque Nation, the nice industrial disaster is the one between the eighties and the 2000s. Now the distances are maintained between the 2 territories (Basque Nation and Catalonia), as admire within the graph. In response to the Division of Enterprise, "it must be famous that Catalonia, as the commercial engine of the State as an entire, has additionally improved its weight inside the State as an entire because the monetary disaster of 2008. On this sense, now we have from 21.9% in 2009 to 25.2% in 2020".
Just a few weeks in the past, Fedea additionally up to date the information on the evolution of the financial system, employment and wages by area. On this case, it was shocking that each in 1955 and as we speak the neighborhood with the bottom salaries (Extremadura) and the one with the best (Madrid) had been the identical. Analistas Económicos de Andalucía defended that one of many causes for the invariance is the nice weight in Extremadura of agriculture, a sector with decrease salaries. Revealed information reveal that whereas in 1955 agriculture represented 47.8% of Extremadura's GDP, as we speak it solely contributes 7.1%. The decline is spectacular, however the weight of the sector locally remains to be a lot larger than that of agriculture in Spain as an entire: 2.9%. In 1955 it was 20.5%.
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