Spanish Economy Grew in Fourth Quarter Despite Restrictions
The Spanish economy has grown in the last three months of last year despite more stringent corona measures.
Economy Minister Nadia Calvino has expressed this expectation at radio station COPE. “Everything indicates that the positive trend has continued. Economic growth in Spain will be more intense than in most European countries.”
The Spanish government expects a record decline in the gross domestic product (GDP) of 11.2 percent in 2020. In 2021, the economy would grow by at least 7.2 percent.
The southern European country was severely affected by the corona crisis, partly because parts of the country are highly dependent on tourism.
Spain’s national bank is somewhat more pessimistic than Calvino and expects a small contraction in the fourth quarter. The Spanish economy did grow in the third quarter.