Spain’s GDP shrinks 5.2% in first quarter due to Covid-19

Spain’s economy contracted 5.2% in the first quarter of 2020 due to the impact of Covid-19, the Spanish National Statistics Institute (INE) said in a report Tuesday.

This is the largest quarterly decline since INE records began in 1970. The previous largest quarterly drop was the first quarter of 2009 as Spain suffered the financial crisis, when the decline was 2.6%.
The Spanish economy was growing in 2019 at rates of 0.6% in the first quarter and 0.4% in the second, third and fourth quarters.

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