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In 2016, Barcelona was Spain's second largest economic agglomeration, with a total GDP of USD172 billion; 26% lower than Madrid. However, with 87% of Barcelona's residents voting in favour of Catalan independence, the city's economic prospects are shrouded in mystery, as numerous large companies (Banco Sabadell, CaixaBank, Abertis) are already moving their headquarters from the city following the referendum results.
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A city with a very diverse economy (the GVA share of the four biggest sectors each accounted for between 19% and 28% in 2016), Barcelona's labour productivity (GVA per employee) reached USD68,500 in 2016. This was 15% higher than in the rest of Spain, but 10% below that of Madrid, due to the capital's higher focus on business services (Madrid's business services sector accounted for 35% of the total GVA, versus 28% in Barcelona in 2016)
Despite the dangerously high unemployment rate of 17% in Barcelona in 2016 (although not as high as in the rest of the country, at 20% in 2016), Barcelona's household annual disposable income of USD46,600 stood 17% higher than that in the rest of the country in 2016. However, during 2011-2016 the income level decreased by 5.8% in real terms.
In 2016, Barcelona's average household spending (excluding transport and housing) was USD27,800 - 8% above that in the rest of the country. As a result of the income drop, households in Barcelona made some of the largest spending cuts in the categories of leisure: hotels/restaurants (14% less expenditure in 2016 than in 2011) and recreation/culture (13% less expenditure).
In 2016, combined per household spending on transport and housing was 17% higher in Barcelona than elsewhere in Spain. The difference was partly driven by high levels of tourism in the city, as the industry pushes up the price of rents in Barcelona, while reducing the number of apartments available.
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