Catalonia: one of the richest regions in Spain
Catalonia: one of the richest regions in Spain. it is the main contributor to the Spanish economy with nearly 19% of the country's GDP; Catalonia is also the second most populous region in Spain with a population of about 8 million.
It is by far Spain’s top exporting region, with 25 percent of all goods produced there sold abroad last year. Several big companies have their headquarters in Catalonia's capital, Barcelona.
Economic grievances are believed by many to be the main motivation behind the independence movement. To many locals, Catalonia is being dragged down economically by other regions.
Catalonia's economy has reportedly grown by 2.8% in the second quarter of the year. Yet the financial outlook is tarnished by the ongoing tensions over its independence. Spain's economy ministry believes in a doomsday scenario for Catalonia after independence.
Perhaps, this is the main reason why Catalan president Carles Puigdemont hesitated over declaring independence directly after the October referendum.
At the moment, Catalonia's debt represents 35.4 percent of its GDP, which made it the third-most indebted region in Spain in the first quarter of 2017. Ratings agencies have given Catalonia a low, speculative grade, which means the region is not able to borrow directly on financial markets.
So it depends on loans emitted by the Spanish state. The region could continue using the euro as its currency, but would not have a seat at the European Central Bank. The current crisis has already plunged the region’s economy into a period of uncertainty.
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