The National Institute of Statistics (INE) confirmed on Tuesday that the Spanish economy slumped by 5.2% during the first quarter of the year compared to the previous quarter as a result of Covid-19. That figure represents a decrease that is unprecedented since records for the statistical series began in 1970. Until now, the largest quarterly drop in GDP was registered during the first quarter of 2009 (-2.6%).
The decrease in Q1 2020 was a consequence of a decrease in household consumption (-6.6%), business investment (-8%) and housing (-5.9%); as well as due to the adjustment of exports (-8.2%) and imports (-6.6%).
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