Spain in recession as GDP tumbles by 18.5%

A view of the Poniente beach mostly empty during a sunny day in Benidorm, eastern Spain. Tourism, a pillar of the Spanish economy accounting for 12% of GDP, suffered with a 60% drop in revenues compared the same period in 2019. – EPA pic, July 31, 2020.

SPAIN plunged into recession in the second quarter after its gross domestic product tumbled by 18.5% due to the coronavirus pandemic, official figures showed today. 

In the first quarter, growth had fallen by 5.2%, the Institute of National Statistics (INE) said. A recession is commonly defined as two consecutive quarters of a contraction in GDP.

Effective July 2018, access to full reports will only be available with a subscription. Sign-up now and enjoy one (1) week free access!

Subscribe Now!

Sign up or sign in here to comment.