Spain | GDP grew by 0.4% q/q in 4Q20, and closed 2020 with an annual decline of 11%

The economy slowed as expected in Q4 (0.4% q/q). Domestic demand increased, driven by consumption, while investment and exports decreased. Thus, 2020 closed with an annual decline of 11%, which confirms BBVA Research forecasts and places activity at 2014-2015 levels.

Key points

• Key points:
• The recovery lost traction at the end of 2020, but less than expected.
• Domestic consumption (public and private), solely responsible for the increase in final demand and imports
• Hours worked increase more than activity, indicating a somewhat worse productive performance

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