GDP per capita in Spain
Spain - GDP per capita (Euros)
Second estimate confirms economy contracted at historic pace in Q1
A second GDP estimate released by the National Statistics Institute (INE) on 30 June confirmed that the economy suffered its worst downturn on record in the first quarter, battered by the initial effects of the Covid-19 outbreak and associated containment measures. Economic activity plummeted a seasonally-adjusted 5.2% from the previous quarter in Q1, matching the preliminary estimate and contrasting the 0.4% expansion recorded in Q4 2019. In annual terms, the economy shrank 4.1% in Q1 (Q4 2019: +1.8% yoy), the most since the 2009 global financial crisis.
Consumer spending tanked 6.6% quarter-on-quarter (previously reported: -7.5% qoq; Q4 2019: +0.1% qoq) as lockdown measures that began in mid-March closed non-essential businesses and extinguished consumption, while fixed investment collapsed 5.7% (previously reported: -5.8% qoq; Q4 2019: -1.2% qoq). In contrast, public spending rose a strong 1.8% on the government’s response to tackle the health crisis (Q4 2019: +0.7% qoq).
On the external front, exports of goods and services dove 8.2% (previously reported: -8.4% qoq; Q4 2019: +0.6% qoq) as the pandemic shut down foreign demand, while imports plunged 6.6% on depressed domestic demand (previously reported: -8.4% qoq; Q4 2019: -0.8% qoq). Taken together, net trade subtracted from the headline reading, after making a sizeable contribution to growth in Q4 2019.
The Central Bank expects the economy will contract 9.0%–11.6% this year and grow 7.7%–9.1% in 2021. FocusEconomics Consensus Forecast panelists, meanwhile, project that GDP will contract 10.0% this year, which is down 0.3 percentage points from last month’s forecast. In 2021, panelists see the economy growing 6.6%.
Spain - GDP per capita (EUR) Data
|GDP per capita (EUR)||23,219||24,006||25,036||25,882||26,692|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||0.46||5.62 %||Dec 31|
|Exchange Rate||1.12||0.65 %||Dec 31|
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July 30, 2020
The Spanish Board of Architects approved 5,986 permits in May, according to data published by the Ministry of Public Works.
July 29, 2020
Retail sales fell 3.3% compared to the same month a year earlier in June, far less sharply than the 20.1% plunge logged in May as authorities continued to gradually lift the lockdown measures that were introduced in mid-March. Looking at the details of the release, the contraction in sales was less severe in both single retail and small chain stores compared to May.
July 28, 2020
The jobless rate climbed from 14.4% in the first quarter to a two-year high of 15.3% in the second quarter, reflecting the labor market fallout from the strict lockdown measures put in place to curb the spread of Covid-19.
July 6, 2020
Industrial output plummeted 24.5% year-on-year in seasonally- and calendar-adjusted terms in May, less severely than April's 34.1% collapse, which had marked the steepest fall on record.
July 3, 2020
Reflecting a much weaker contraction of the manufacturing sector and a return to growth by the services sector, the IHS Markit composite Purchasing Managers’ Index (PMI) jumped to 49.7 in June from 29.2 in May.