Spain’s GDP May Fall by 22% in Q2 – Central Bank

The Central Bank of Spain believes that the country’s GDP may decline by almost 22% in the second quarter of this year due to consequences of the COVID-19 coronavirus pandemic. Such a forecast was announced in a press release issued by the Central Bank on Tuesday.

« According to the latest estimates made by the Bank of Spain, this reduction could be from 16% to 21.8% per quarter, » the document reads. « A preliminary assessment of the National Institute of Statistics shows that GDP fell by 5.2% in the first three months of this year, » the Central Bank added.

The Spanish government has previously expressed the view that the economic downturn this year would be 9.2% due to the effects of the pandemic. The unemployment rate can reach 19%.

Since the beginning of the spread of coronavirus in the kingdom, more than 246.5 thousand cases of coronavirus infection have been identified, more than 28.3 thousand patients died. In mid-March, a high-alert mode was introduced in the country. This measure allowed to limit the movement of the population. The regime ended on June 21.

source: reuters.com

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