Spain's GDP to contract 9.2% in 2020 - economy minister

Spain’s GDP will contract 9.2% in 2020, Economy Minister Nadia Calvino said on Friday, as the coronavirus pandemic battered the economy. GDP is expected to grow 6.8% in 2021, she said.

The Bank of Spain expected an “asymetric V-shape recovery, with the deepest decrease in the second quarter and then a strong and gradual recovery in the second half of the year,” Calvino said.

“Forecasts are prudent and consistent”, she said.

On 11 February, prior to the imposition of a nationwide lockdown to counter the pandemic, Calvino had forecast 2020 GDP growth at 1.6%.

More on this subject: Coronavirus

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