Alexa

Spain's GDP fall worse than previously estimated

Spain's GDP fall worse than previously estimated

Spain's economy contracted 1.1 percent in the second quarter, more than previously estimated, as consumption and investment plummeted amid the recession, the government said Thursday.
The revised quarterly number compares to a decline of 1.0 percent that the National Statistics Institute had announced two weeks ago in a preliminary calculation.
Compared to the same quarter a year earlier, Spain's economy shrank 4.2 percent, also worse than the initial estimate of 4.1 percent.
The numbers accentuate how Spain, once one of Europe's great economic success stories, remains mired in recession even as other EU countries like France and Germany start to recover from the economic downturn. This month both of those countries reported unexpected growth, technically lifting them out of their worst recession in decades.
Spain's statistics institute said the year-on-year decline in GDP was the largest since 1970.
Domestic demand _ consumption and investment _ fell 7.3 percent, it added.


Updated : 2021-04-10 20:34 GMT+08:00