BUSINESS
Spain’s economy shrank more than expected in Q2 2020 – Finances Herald
BUSINESS

Spain’s economy shrank more than expected in Q2 2020 – Finances Herald

Published: July 31, 2020  |  2 min read, 439 words
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Spain’s economy shrank more than expected in the second quarter of the year, making the recovery even more complicated given the headwinds facing the tourism industry.The decline reached a record 18.5% – driven by declining consumer spending and investment and is the largest ever reported in Europe. The statistical office also warns that it has had difficulty reporting the real situation due to the economic blockade and that even deeper revisions may follow.Economists forecast a 16.6% drop in Spain’s GDP.The coronavirus crisis, which has blocked EU economies, has shrunk just over 10% of the... READ MORE
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