The Spanish economy suffers the biggest contraction in its history: GDP fell 5.2% in the first quarter

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The crisis highlighted by the coronavirus pandemic already caused a sharp contraction in the economy in the first quarter: Gross Domestic Product (GDP) fell 5.2% in the first three months compared to the evolution of the last quarter of the year past. "This rate is 5.6 points lower than that registered in the fourth quarter," explains the National Statistics Institute (INE) in the Quarterly National Accounting data that it has published today.

If it is observed in year-on-year terms, that is, buying the current situation with that of the same period in 2019, the drop is equally significant and historical: "The year-on-year change in GDP stands at 4.1%, compared to 1, 8% from the previous quarter ", Statistics indicates.

The drop is the highest in the INE's historical series, well above those recorded during the euro and financial crisis. But in addition, it must be taken into account that the period analyzed is barely affected in its last days, since the confinement decreed by the Government began in the second half of March. However, those days have been enough to cause a real collapse in the Spanish economy.

According to the criteria of The Trust Project

• Covid 19
• Coronavirus
• Crisis

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