Latest data released by the National Statistics Institute - 31 July 2020
- Prior (Q1) -5.2%
- GDP -22.1% vs -19.7% y/y expected
- Prior -4.1%
The drop here reaffirms the worst recession on record in Spain as the economy contracts by more-than-expected and over 18% on the quarter itself.
This largely just confirms the bad knock suffered by the Spanish economy amid lockdown measures and the fallout from the virus outbreak in Q2. The fear is that as there is a second wave of infections brewing, economic activity will suffer yet another hit later in the year.
