What is the Cambra Barometer?

The Cambra Barometer is a new tool that the corporation has launched to monitor the evolution of the Catalan economy on a monthly basis in order to know in detail how the economy is recovering from the impact of Covid-19. Through new indicators, a picture is gained of the real situation of the economy for the purpose of proposing actions that can alleviate the effects of the crisis.

Catalonia reaches a new historical minimum of people on furlough and accumulates four months of uninterrupted recovery of number of companies.

• Employment ended the month of May with almost 2.7 million "effective" employees and moderates its fall compared to pre-pandemic levels to -4.4%.
• Industrial production grew by 3.7% in April compared to before the pandemic and the Port of Barcelona has had six consecutive months with increases in exports.

Barcelona, June 11, 2021 – Having come through the third wave of the pandemic, the relaxation of the restrictions between March and April and the good pace of vaccination against Covid-19 have placed Catalonia on the road to recovery. The end of the state of emergency on 9 May was a turning point that confirms this trend, which is reflected in most indicators.

The Barcelona Chamber of Commerce's June Barometer shows three consecutive months of employment recovery in Catalonia. Specifically, the economy ended the month of May with almost 2.7 million "effective" wage earners (affiliates not counting people on furlough), thus moderating its fall to -4.4% compared to the pre-pandemic level. The most notable figure, however, is the number of people on furlough, which since March has also continued to decrease, to little over 112,000 in May, a new low since the beginning of the pandemic.

Concerning the number of companies, since February the number of national insurance contribution accounts in Catalonia has grown steadily to over 242,000 companies in May, a figure that is still -7.9% below the same month in 2019. The lifting of the state of alarm was also noted in the recovery of mobility during May, as well as consumption in the leisure and catering sectors.

The Barometer also reveals very positive data regarding industry corresponding to April and concerning the pre-pandemic level, with an important upturn of 3.7% in industrial production and 18% growth of exports abroad from the Port of Barcelona. In contrast, the registration of industrial vehicles in Catalonia, which has broken the positive trend of the last two months.

Finally, foreign tourism is experiencing a slow recovery, dependent on restrictions, and vaccination. This is confirmed by the  passenger flight and hotel reservations compiled by the Chamber of Commerce Barometer.

Expectations of recovery in the service sector converge with those of the manufacturing sector for the first time since July 2020 in the Spanish economy, according to the PMI.

The Spanish economy on the international stage

Expectations of recovery in the service sector are converging with those of the manufacturing sector for the first time since July 2020 in the Spanish economy, according to the PMI.

The reopening of the economy and the strength of domestic and international demand are driving growth, only limited by production capacity constraints.

Employment

The end of the state of emergency represented a boost for the recovery of employment, both due to an increase in the number of people joining the labor market and a reduction in the number of people on furlough. "Effective" national insurance affiliation grew by 59,000 people in May to almost 2.7 million workers.

This means that in May the downturn was reduced, compared to the pre-pandemic level, to -4.4%.

Furlough and self-employed benefits

The number of people on furlough fell by 24,470 in May to little over 112,000. This figure represents a new low since the beginning of the pandemic and one-sixth of the peak reached in April 2020.

Stability in the number of applications submitted by the self-employed. Predictably, no significant improvement will be observed until the total reduction of restrictions and the full recovery of demand.

Number of companies

Uninterrupted recovery in the number of companies since the beginning of 2021. In May, more than 2,200 have been added, reaching over 242,000.

Compared with the pre-pandemic situation, the evolution is also positive as the fall was reduced to -7.9% in May, six tenths less than in April.

Transport and mobility

The end of the state of emergency and the reduction of restrictions accelerated the recovery of mobility in May. Road access traffic went from a drop of 18% in April to 8.1% in May compared to the pre-pandemic situation.

Likewise, the mobility of people in shops and leisure facilities has improved significantly, recording a reduction of under 20% in the last week of May.

Energy and water consumption

The fall in total energy consumption slowed to -2.9% in April compared to April 2019. The improvement occurred in both industry and services.

The latest data on the volume of water served point towards May ending on a positive note with an upturn during the third week of the month.

Consumption at point-of-sale terminals (POSTs)

Consumption in leisure and catering according to CaixaBank POSTs kept up their good momentum during the last week of May. Tourism expenditure has also recovered significantly since the end of the state of emergency but still remains below pre-pandemic levels.

In April, the volume of business in retail continued its downturn (-5.6% compared to the same month in 2019). This variation is the result of a deterioration in sales in all sectors.

Investment

The registration of industrial vehicles fell 23.2% in April compared to the same month of 2019, breaking the trend towards recovery observed in the last two months.

The consumption of cement recovered growth in March compared to the same month in 2019, with a variation of 3.8% in Catalonia after a negative start to the year.

Industry and exports

Industrial production increased 3.7% in April compared to the pre-pandemic level (April 2019) due to the increase in intermediate goods and non-durable consumer goods. It should also be considered that in April 2019 the evolution was stable due to Easter Week.

The Port of Barcelona has had six months in a row with increases in exports. In April, foreign sales increased by 18% compared to the same month in 2019.

Tourism

In April, of passenger flight bookings to Barcelona from June to October were still at very low levels (74% below April 2020).

As for hotel bookings, these are improving, above all domestic bookings.

These data confirm the slow recovery of foreign tourism, dependent on restrictions, and vaccination progress.

What is the Cambra Barometer?

The Cambra Barometer is a new tool that the corporation has launched to monitor the evolution of the Catalan economy on a monthly basis in order to know in detail how the economy is recovering from the impact of Covid-19. Through new indicators, a picture is gained of the real situation of the economy for the purpose of proposing actions that can alleviate the effects of the crisis.

Source:

Chamber of Commerce of Barcelona

www.cambrabcn.org 

https://premsa.cambrabcn.org/barometre-cambra/