Spain's ravaged economy suffers worst quarterly contraction on record [Reuters]
CAIXABANK SA UNSP/ADR (CAIXY)
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Source: Reuters
Spain's ravaged economy suffers worst quarterly contraction on record MADRID (Reuters) - Spain’s economy shrunk by its biggest amount on record, 5.2%, in the first three months of 2020 due to the crippling impact of the coronavirus crisis, preliminary data showed on Thursday. The National Statistics Institute’s figure was the worst since the historical series began in 1970 and exceeded analysts’ forecasts of a 4.4% contraction versus the previous quarter. Spain has had one of the world’s worst outbreaks with more than 24,000 COVID-19 fatalities and in mid-March imposed one of the strictest lockdowns, though officials are confident the worst has passed and want to start easing measures next month. With the second quarter likely to be even more painful, the central bank predicts the tourism-dependent economy could shrink as much as 12.4% this year though it also foresees a recovery of at least 5.5% in 2021. The government has until Thursday night to send its own forecasts for the year t
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