Shock to hit Spain’s GDP further in Q2Christian 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.
Deterioration Spain airport
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%. ■