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Shock to hit Spain’s GDP further in Q2

Christian Fernsby ▼ | May 19, 2020
The economic impact from the coronavirus pandemic will last longer than initially expected and the Spanish economy could experience a significant deterioration in the second quarter, Bank of Spain governor Pablo Hernandez de Cos said on Monday.
Spain airport
Deterioration   Spain airport
“What has been confirmed in the last few weeks is that the recovery will not be without difficulties, and, besides, more unfavourable scenarios cannot be ruled out," De Cos said in the Spanish parliament.

Topics: Spain GDP

In the first three months of the year, Spain's economy shrunk by 5.2%, its biggest amount on record.

The Bank of Spain had said in April that the Spanish economy could contract by 6.8% to 12.4% in 2020. De Cos said on Monday that a smaller range of 9.5%-12.4% now seemed to be the most realistic scenario.

However, De Cos also said he expected the Spanish economy to bounce back in 2021 and grow between 6.1% and 8.5%.