This report analyzes the different
evolution of the IBEX35 with the index of the stock market in Barcelona
Indexcat (aggregate index of companies based in Catalonia).
Catalonia accounts for 16% of Spain's
population and 20% of its GDP. However,
the trading volume for the stock market in Barcelona is 28% of the Spanish
total.
The manufacturing sector and consumer
goods in Indexcat amounts to almost half of the companies (48%) while in the
IBEX35 is only 19%. This is mainly due to the fact that in the IBEX 35 what
have more importance are the former telecommunications and energy monopolies.
This difference in the distribution of
companies in the IBEX35 and Indexcat gives us an idea of the different structure
existing in Catalonia, based on industry and support services to the industry,
as opposed to the existing structure in Spain, mainly based on services of low
added value.
As for the performance of the two indexes
in the last period of economic growth (2001-2008), Indexcat revalued by 32%,
while the IBEX 35 did so by 15%.
Comparing
the evolution of the crisis, the Indexcat has maintained a much more favorable
evolution than IBEX 35. In 2012, Indexcat achieved a revaluation of 8.9% while
the IBEX35 index lost 1.2% (+3% i -7,7% respectively in the first months of
2013).
Another section discussed in the study is
the cost of opportunities for Catalonia, who is forced to issue government
bonds due to the existence of the fiscal deficit. This smaller investment in
productive sectors of the Catalan economy makes Catalan companies and the
country in general lose growth potential.
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