Potential Catalan secession sparks fear amongst Spanish business leaders

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Potential Catalan secession

ALMOST three quarters of Spanish business leaders fear Catalonia’s plans for an independence referendum on October 1 could harm the country’s economy, according to a study by Deloitte published in the Spanish press.

Madrid has condemned as illegal plans by the northeast region’s government to hold a referendum on seceding from Spain and – if the yes vote wins – declare independence unilaterally within 48 hours.

Last week, the Spanish government said Catalonia would lose access to some public funds if it used the money to prepare for the unsanctioned referendum.

Nationwide, 74 percent of 265 business leaders surveyed believe the Catalan independence movement threatens the Spanish economy, while 43 percent of those based in Catalonia itself agree, according to the Deloitte Survey of Companies study commissioned for El Pais.
Despite concerns about the political predicament over Catalonia, confidence in Spain’s continued economic growth remains high, according to the poll.

Eight out of 10 directors polled said the economy had improved in the first half of the year. Seven out of 10 expect to bill more in the second half of the year than in the first six months.

Spain has surpassed expectations for GDP growth this year. Last week the International Monetary Fund said it expected Spain’s economy to grow by around 2.5 percent in 2018, up from its previous forecast of 2.1 percent.

Opposition to seceding from Spain rose slightly to 49.4 percent in June, according to a poll by the regional government’s Centre of Opinion Studies, from 48.5 percent in March.

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