Catalonia is set to hold a referendum on its independence on October 1, but the Spanish government have ruled this illegal.
The region’s leaders have pledged to declare independence within 48 hours of a YES vote despite Madrid’s desperate bid to prevent the vote.
Tens of thousands of protesters are expected to challenge the police’s attempts to stop the voting.
Spain’s finance minister, Luis de Guindos, has claimed that Catalonia breaking away from Spain could result in a 30 per cent fall in the region’s gross domestic product.
Catalonia is a manufacturing hub and accounts for a fifth of the Spanish economy and a quarter of its exports.
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The region has an economy equivalent to that of Portugal and has spearheaded Spain’s economic development since the Industrial Revolution.
According to Mr de Guindos, a Catalan exit from Spain would lead to a automatic exit from the EU and eurozone, which would mean that 75 per cent of all the region’s production would be subject to export tariffs.
He claimed that banks in Catalonia would relocate their headquarters to Spain, which would create “brutal uncertainty” in the region.
The economy minister told the Financial Times that the Catalan currency would be worth up to 50 per cent less than the euro.
Borja García-Nieto, the chief executive of local private equity group Riva y García, told the Financial Times: “Decisions are not being taken and investments are already being postponed.
“This is already bad for the economy, and the problems are potentially just starting.”
An Irish pub owner in Barcelona, Ken McCarthy, told the Irish Times: “If Spain doesn’t recognise it, then yes, I’m very worried about it.
“Because if they declare independence unilaterally, they’re a rogue state and you can’t trade with them, they’ll have nothing coming into the ports, no flights coming in.
“Our business is over, I mean it’s gone!”
The region of Catalonia pays more in taxes than it receives in government spending, the region’s government argues.
Pro-independence politicians have argued that the state will be richer if it does not pay taxes to Madrid.
Spanish police have arrested Catalan officials who were involved in the organisation of the October 1 vote and they have also seized electoral material, including ballot papers and ballot boxes.
Many of the seven million people living in Catalonia see themselves as separate to Spain with their own language, culture and history.