Spain's GDP shrinks 5.2% in first quarter due to Covid-19
Global Economy
30 June, 2020, 05:30 pm
Last modified: 30 June, 2020, 05:34 pm
The previous largest quarterly drop was the first quarter of 2009 as Spain suffered the financial crisis, when the decline was 2.6 percent
The A2 motorway is seen almost empty during the coronavirus disease (COVID-19) outbreak in Madrid, Spain, March 30, 2020/ Reuters
Spain's economy contracted 5.2 percent in the first quarter of 2020 due to the impact of Covid-19, the Spanish National Statistics Institute (INE) said in a report Tuesday.
This is the largest quarterly decline since INE records began in 1970, reports the CNN.
The previous largest quarterly drop was the first quarter of 2009 as Spain suffered the financial crisis, when the decline was 2.6 percent.
The Spanish economy was growing in 2019 at rates of 0.6 percent in the first quarter and 0.4 percent in the second, third and fourth quarters.
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