Spanish Economy Contracts by 5.2 Percent in First Quarter
Primary tabs

Spanish economy registered the biggest ever quarterly fall of 5.2 percent in over a century. The first quarter GDP in Spain declined by 5.2 percent but the worse might not be over yet. As per Bank of Spain, the economy could face a decline between 6.6 percent and 13.6 percent for the current year, due to coronavirus lockdown.
Spanish government is considering opening up certain regions with lower infection rates. Also, Spanish government is facing public outrage over handling of coronavirus pandemic as Spain has the highest number of infections in Europe. Italy has suffered the highest number of death cases in Europe, followed by Spain. Spain has been slowly crawling back after facing tough economic times over the last few years but the big blow from coronavirus will make things ever more difficult for small business owners.
During 2008-2009 global recession, Spanish economy contracted by 2.6 percent (during first quarter of year 2009). The fall due to coronavirus pandemic has been quick, compared to the slow decline during the 2008 global recession. Between year 2008 and 2013, the GDP in Spain declined by 9.5 percent.
National Statistics Institute (INE) released a statement about Spanish GDP. INE added that it had gone to extra lengths to accurately represent the impact of the confinement measures on economic activity in the last two weeks of March.
Popular Stories

Neurim, Israel-headquartered ElectReon has announced that it has successfully completed tested a dynamic wireless charging system on a 1.65 km (over 1 mile) stretch of a public road in Gotland, Sweden.

Swedish multinational automobile manufacturer Volvo Group has confirmed that it is teaming up with its hometown of Gothenburg in Sweden to design and develop a city of the future.

Golden Week has always been one of the busiest periods of the year for Macau’s casino industry but this year’s edition of the annual national holiday celebration reportedly proved disappointing as the casino hub saw a drastic decline in the number

Greentube Internet Entertainment Solutions GmbH, a subsidiary of Austrian gambling firm Novomatic AG, has announced the signing of its new content agreement with Casino Gran Madrid Online, one of the Spain’s leading operators.

Casinos in the Asian gambling hub of Macau will likely not see any major increase in the number of visitors from mainland China in July as halt on the individual visit scheme (IVS) probably will not be lifted next month, a new research report by b