|[Published: Friday July 31 2020]
Spanish economy in deep recession
MADRID 31 Jul (ANA) - Spain has been plunged into its deepest recession in modern times by the coronavirus pandemic.
Its economy shrank by 18.5% in the April-to-June period, having already fallen by 5.2% in the first three months of the year.
The figures, which were worse than forecast, have wiped out the growth of the past six years.
France's economy has also been badly hit, with GDP there falling by 13.8% in the second quarter.
The French statistics agency said the low point had come in April, with a gradual recovery in May and June as lockdown restrictions eased, but economic activity was still well below normal.
Italy, which was among the first European countries to be hit by the pandemic, has reported a similar drop, with the economy contracting by 12.4%. However, the fall was less steep than expected.
The US and Germany both announced huge falls in national output on Thursday, showing the global economic impact of Covid-19.
The US saw its sharpest contraction in decades, with the economy shrinking at an annual rate of 32.9% between April and June.
Germany reported its deepest quarterly decline on record, as total production of goods and services fell by 10.1%.
Economic activity in Spain has declined by a total of more than a fifth so far this year. Service industries including transport, restaurants and accommodation have been hardest hit, as they have been most affected by the restrictions on movement imposed to fight the pandemic.(ANA)
FA/ANA/31 July 2020--------