01.05.2020, 13:12
Spanish Authorities Forecast GDP to Fall by 9.2% in 2020
Source: OREANDA-NEWS
OREANDA-NEWS. The Spanish government predicts that the country's GDP will decline this year by 9.2% due to the consequences of the coronavirus pandemic. This was announced on Saturday by the Deputy Prime Minister, Minister of Economic Affairs and Digital Transformation Nadia Calvigno.
"The economic recovery will be more gradual", she said. "Forecasts indicate a strong decline in GDP this year - by 9.2% - due to falling domestic demand and private sector consumption." Calvigno added that unemployment could reach 19%. "The forecast for GDP growth is 6.8% in 2021", the minister said.
April 30, the National Institute of Statistics said that Spain's GDP fell in the first quarter of this year by 5.2%. Prior to this, the largest decline in GDP for the quarter in the kingdom was recorded in the first quarter of 2009 (-2.6%). The Bank of Spain stated that the country's GDP in 2020 could decline by 6.6% to 13.6% due to the consequences of the spread of coronavirus.
"The economic recovery will be more gradual", she said. "Forecasts indicate a strong decline in GDP this year - by 9.2% - due to falling domestic demand and private sector consumption." Calvigno added that unemployment could reach 19%. "The forecast for GDP growth is 6.8% in 2021", the minister said.
April 30, the National Institute of Statistics said that Spain's GDP fell in the first quarter of this year by 5.2%. Prior to this, the largest decline in GDP for the quarter in the kingdom was recorded in the first quarter of 2009 (-2.6%). The Bank of Spain stated that the country's GDP in 2020 could decline by 6.6% to 13.6% due to the consequences of the spread of coronavirus.
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