Spain | Galicia Economic Outlook 2020

Summary

The economy of Galicia may shrink by 10.4% this year, and grow 6.2% in 2021, losing 20,000 jobs. The impact of the crisis was heterogeneous during the first semester, as it is the recovery. Public policies allow to lower job losses, but risks push the perspectives downward.

Key points

• Key points:
• By the end of 2021, the GDP of Galicia may be 4.8% below its 2019 level
• The lower proportion of social consumpltion makes the household´s expense not to be as affected as in Spain
• Heterogeneous impact dacross urban areas, personal characteristics and sectors
• Broad consensus is needed to put in place much needed public policies
• The main uncertainty is related to the control of the pandemy. Exports and industrial production are not a solid support for the recovery yet

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