Searcher

Published on Thursday, April 30, 2020

Spain | Historic collapse of GDP in 1Q20 with only two weeks of confinement

GDP decreased by -5.2% QoQ (-4.1% YoY) in Q1, more than expected, revealing a significant effect of the confinement. Although domestic demand supported most of the adjustment (-5.4pp QoQ; -4.2pp YoY), external demand also drained growth (-0.2pp QoQ; 0.2pp YoY).

Key points

  • Key points:
  • The confinement during the last half of March hampered activity in 1Q20 more than expected
  • Domestic demand supported most of the adjustment
  • All components of private demand experienced significant declines
  • Services and construction sectors were the most affected by the confinement
  • Hours worked decreased more than the number of employed people

Documents to download

Geographies

Topics

Tags

New comment

Be the first to add a comment.

Load more

You may also be interested in