• Spain Largest economic collapse in peacetime: GDP plummeted 11% in 2020

The figure published by the National Institute of Statistics leaves no room for doubt: GDP fell in Spain by 11% in 2020, the worst result in history

in peacetime

.

Although Spain has not been the only country that has suffered this financial setback derived from the pandemic, its fall has been one of the hardest.

The result could have been worse, since the economy experienced a certain improvement in the last quarter compared to the previous one (0.4%), but it must also be remembered that the trend

was not exactly positive

: in 2019 Spain grew by 2% , the lowest figure since 2014.

How has the health emergency affected other countries?

In general, the year 2020 has been one of the worst in decades remembered, although looking in this mirror does not return a very optimistic reflection.

France

France

suffered an 8% drop in its GDP in 2020, according to data collected by Europa Press.

Of course, the French country had foreseen exactly the same fall that Spain ended up suffering: 11%.

Its last quarter, with a decline of 1.3% instead of the expected 4%, and a second in which it rose by 18.5% after two first falls (5.9% and 13.7%) had a lot to do with watch.

U.S

In the case of the 3.5% drop in 2020 in the

United States

, according to the estimate of the Office of Economic Analysis collected by EFE, it is necessary to go back to the hangover of World War II to find a lower figure.

Since

1946

(-11.6%) there has not been such a bad year and the last contraction dates from 2009 (-2.5%).

The third quarter, with growth of 33.4%, partially mitigated the first drop of 5% and the subsequent drop of 31.4% in the second quarter.

The year ended with a 4% growth.

Germany

Meanwhile, in

Germany

GDP fell 5%, according to the federal statistics office Destatis.

In the last 10 years the figure had always been positive, although in 2009, the last year in negative, the drop was slightly greater: 5.7%.

China

Only

China

seems to have been able to mitigate the consequences of the pandemic enough so that its GDP grew during 2020. Specifically, 2.3% compared to the previous period ... Although since 1976 there has not been an increase as subtle as last year.

Only during the first quarter the figures fell (6.8%);

the remaining three experienced an increase (3.2%, 4.9% and 6.5%, respectively).

According to the criteria of The Trust Project

Know more

  • Spain

  • GDP

  • INE

  • France

  • U.S

  • China

  • Germany

  • economy

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