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Spain is one of the European (and also world) economies that is suffering the most from the severe coronavirus crisis . Eurostat today confirmed that the 5.2% drop in Gross Domestic Product (GDP) during the first quarter was well above the measure for the euro area and the European Union, and only France and Slovakia exceeded the figure. Spanish.

Specifically, the Eurozone as a whole suffered a 3.8% drop compared to the previous quarter, while the EU average amounted to 3.3%. France, for its part, suffered the heaviest punishment in Europe, at 5.8%, and the Slovak economy fell by 5.4%. In Germany the contraction was significantly lower, at 2.2%, Italy decreased by 4.7% and the Netherlands, the country that has led the hardest line in the negotiations for economic aid approved by Brussels, fell 1.7%. And in Bulgaria, Romania and Finland, small quarter-on-quarter progress was recorded.

The figures, therefore, show the greater weakness of the Spanish economy, something that the different forecasts have already pointed out. The Commission itself pointed out just a few days ago that the recession in Spain would rise to 9.4%, slightly above the official government figure and above the euro area average. For the year as a whole, only Greece and Italy would exceed the Spanish figures .

The worst figures in the series

" These are the steepest falls since the series began in 1995. In March, the last month of the period covered, Covid-19 containment measures began to be widely introduced in member countries," they explain from the statistical office. European. In the data published this Friday, he also pointed out that the number of people employed in the first quarter of 2020 decreased by 0.2%, both in the Eurozone and in the Union as a whole, compared to the 0.3% increase registered in the last three months of 2019.

Germany: "The worst is yet to come"

After learning about the marked fall of 2.2% for Germany, some German economists announced that the worst is yet to come. "The fall in GDP in the first quarter of 2020 still does not show the true dimension of the crisis," said, for example, short-term analysis expert at the Ifo Institute in Munich, Timo Wollmerhäuser.

"We may have left the lowest point of the crisis behind in April but the recovery will be slow and for a long time it will not be possible to speak of normality," added Stefan Kooths, from the Institute of Studies on the World Economy in Kiel (IfW). , as reported by Efe.

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