The crisis due to the pandemic took its toll on the Spanish economy causing it to register a historical decline in GDP of 11% in 2020, whereby breaking six consecutive years of growth, according to data published on Friday by the National Institute of Statistics (INE).
On the positive side, the final quarter of the year and its flurry of last-minute operations took the edge off the doom and gloom, with quarterly growth of 0.4%. Until now, the largest annual decline in Spain’s GDP was registered in 2009, in the midst of the financial crisis, when the economy shrank by 3.8%. In year-on-year terms, GDP in the fourth quarter contracted by 9.1%, compared to the 9% decrease registered in the previous quarter.
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