Spain | GDP fell again in 1Q21

Summary

The Spanish economy contracted in 1Q21 (-0.5% q/q), although less than expected (-0.9% q/q). The lower reduction in exports offset the expected fall in private consumption. If this estimate and the trend of recent indicators are confirmed, growth could exceed the 5.5% forecast by BBVA Research in 2021.

Key points

• Key points:
• After stagnating in 4Q20, GDP decreased in 1Q21.
• External demand cushioned the fall in domestic demand.
• Hours worked declined, while full-time employment increased.

Geographies

Topics

Tags