AFP
The Spanish economy, the eurozone’s fourth-biggest,
rebounded sharply in the third quarter as a lifting of the
coronavirus lockdown saw activity resume, official data showed on
Friday.
Spain’s gross domestic product expanded by 16.7 percent in the
three months to September from the preceding quarter, but was still
down 8.7 percent on a year-on-year basis, the national statistics
institute INE calculated.
In the second quarter, draconian lockdown measures to try to
stamp out the pandemic had led to an economic contraction of 17.8
percent.
Tourism, a major pillar of the Spanish economy, was among the
hardest-hit sectors, with foreign visitor numbers down by as much
as 75 percent during the summer.
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INE cautioned that the preliminary third-quarter data could
still be revised “more substantially than usual” given the
difficulties in collating statistics at a time of deep economic
disruption.
Looking at 2020 as a whole, the Spanish government is projecting
an overall contraction in GDP of 11.2 percent, while the
International Monetary Fund is expecting the Spanish economy to
shrink by as much as 12.8 percent.
Economy Minister Nadia Calvino warned that “we are currently
facing great uncertainty, both on a European and on a global
level,” and many countries have imposed even tighter restrictions
in recent days to rein in a second wave of virus infections.
-AFP
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