Spain’s economy contracted more than expected in the second quarter due to the coronavirus containment measures, flash data from the statistical office INE showed Friday.
Gross domestic product fell 18.5 percent on quarter, much larger than the 5.2 percent decrease posted in the first quarter. GDP was expected to shrink 16.6 percent.
On a yearly basis, GDP plunged 22.1 percent in contrast to a 4.1 percent drop in the first quarter. This was also bigger than economists’ forecast of 19.7 percent decline.
The expenditure-side of GDP showed that household consumption plunged 21.2 percent sequentially, while government spending grew 0.4 percent. At the same time, gross fixed capital formation declined 21.9 percent.
Exports of goods and services declined sharply by 33.5 percent and imports were down 28.8 percent.
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