MADRID, April 30 — The Spanish economy contracted by 5.2 per cent in the first quarter, provisional figures by national statistics agency INE showed today, as a coronavirus lockdown imposed in mid-March paralysed businesses. By comparison, Spain’s gross domestic product had expanded by 0.4 per...
People wearing protective face masks are seen in an almost empty Puerta del Sol, which is a part of a 15-day state of emergency to combat the Covid-19 outbreak in Madrid, Spain March 21, 2020. — Reuters pic
By comparison, Spain’s gross domestic product had expanded by 0.4 per cent in the final quarter of 2019 due mainly to a strong export performance. Spain — the eurozone’s fourth largest economy — has consistently outperformed much of Europe since it emerged from a five-year slump in 2013, having expanded by 2.0 per cent last year.
Spain, one of the hardest-hit nations by the coronavirus pandemic, imposed a nationwide lockdown on March 14.
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