FREE now and never miss the top politics stories again. SUBSCRIBE Invalid email Sign up fornow and never miss the top politics stories again. We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.

Goldman Sachs analysts, in an extensive report said they thought turnout for the vote will be lower than in other elections, due to the abstentionist position of the supporters of the No vote and logistical problems with actually carrying out the referendum. A decisive victory for independence will force negotiations between the Spanish Prime Minister Mariano Rajoy and the Catalan President Carles Puigdemont. Goldman Sachs has called for Catalonia to be given more autonomy, as a way of solving the current crisis in Spain - but also warned it is unlikely to happen.

Getty Pro-independence supporters take to the streets of Barcelona

Analysts at the US investment bank said most Catalans support greater autonomy without the need for independence, and therefore believes that the central government should reverse the decisions taken in 2010, which limited the capacity of action of the region, so Catalonia can abandon its plans of secession. Goldman Sachs ruled out the referendum will have, in the medium term, a significant impact on Spanish finances for three main reasons. The Madrid government has already claimed it will not recognise the results of the referendum as it has already declared the vote to be unconstitutional.

Spain crisis: Protest outside the Catalan High Court Fri, September 22, 2017 Pro-Independence Associations called for a meeting in front of the Catalan High Court building demanding release of the 14 officials arrested yesterday during a Spanish Police operation in an attempt to stop the region's independence referendum, due to take place on October 1, which has been deemed illegal by the Spanish government in Madrid Play slideshow Getty Images 1 of 8 People demonstrate in front of the Catalan High Court building

Analysts also point to the lack of reaction of the Ibex 35 - the Spanish Exchange Index - to recent events and the performance of the equity market in recent months, with a worse performance than the eurozone. The analysts add the referendum will be settled with a majority in favour of independence, because those who do not support independence will probably participate to a lesser extent. Together with these comments on Catalonia, the bank's analysis shows a forecast of growth for the Spanish economy of 3.1 per cent for this year.

Reuters Pro-independence supporters have campaigned for years for a referendum on independence for Catalonia

The report said: ”The pace of growth will slow down, but continue in positive terms,” which it says points to the need to implement more reforms in the long run. Spain, they conclude, is on the "right path" without risks in the short and medium term to maintain that growth. Earlier this month credit agency Moody’s said Catalan independence would make Spain poorer, due to the prosperity of the region, but thought Catalonia would remain part of Spain.

EPA Goldman Sachs has predicted that Yes would win the referendum vote in Catalonia