Our Magazine
Brussels Morning Online Newspaper
Wednesday, February 24, 2021
No Result
View All Result
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Europe With Transparency
    • Sustainable Perspective
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Online Newspaper
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Europe With Transparency
    • Sustainable Perspective
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Online Newspaper
No Result
View All Result
Home Economy

Spanish economy contracts 11% in 2020

Nikola Kiš by Nikola Kiš
1 February 2021
in Economy
Spanish economy contracts 11% in 2020
Share on FacebookShare on Twitter

Brussels (Brussels Morning) Spain’s GDP dropped 11% last year according to National Statistics Institute (INE) data released on Friday, El País reported.

The slump, caused by restrictions imposed to control the coronavirus pandemic, is the steepest since the Spanish Civil War in the 1930s.

The home confinement measures imposed in the period between March and June almost caused the economy to ground to a halt, with GDP dropping 17.8% in the second quarter.

Economic output rebounded 16.4% in the third quarter, when restrictions were eased, but subsequent lockdowns curtailed growth in the final quarter of the year.

Predictions and expectations

According to the most optimistic forecasts, the Spanish economy will return to pre-pandemic levels at the end of 2022, with most experts expecting this will happen in the summer of 2023.

The Spanish government expects GDP to grow 7.2% this year without the effects of EU recovery funds. The country is to receive close to 30 billion euro from Brussels this year.

According to INE data, the services sector was hit the hardest last year, especially the hospitality industry. Tourism, which usually accounts for close to 14% of Spain’s GDP, saw international arrivals dropping to 20 million last year, in contrast with 85 million from the year before.

Lack of tourists caused many businesses in the sector to close, which impacted the labour market, especially in regions dependent on tourism.

In the first half of 2020, government spending was the main driver of economic activity, which is reflected in growth of public debt and deficit.

In an effort to cushion the blow of pandemic-induced restrictions, Spanish authorities introduced aid measures for businesses and households.

Their efforts kept the unemployment rate at 16.1% last year because furloughed workers do not count as unemployed. The authorities recently extended the scheme until the end of May.

Tags: Main-SliderSpanish economy
Nikola Kiš

Nikola Kiš

Nikola is Brussels Morning political affairs reporter, covering Germany, France, and Italy. Based in Zagreb, he is a translator with 18 years of experience reporting on political and business affairs.

Latest post

Commission unveils new plan for adapting to climate change

Commission unveils new plan for adapting to climate change

5 hours ago
German court jails Syrian agent for crimes against humanity

German court jails Syrian agent for crimes against humanity

6 hours ago

Most Read

  • Georgia committed and ready for NATO membership

    Georgia committed and ready for NATO membership

    0 shares
    Share 0 Tweet 0
  • The EU will not learn to speak the language of power as long as Germany does not

    0 shares
    Share 0 Tweet 0
  • For US Cybersecurity China is a bigger concern than Russia

    0 shares
    Share 0 Tweet 0
  • Consumption of plant-based alternatives is disconcerting to meat and dairy industries

    0 shares
    Share 0 Tweet 0
  • Biden Administration opens the door to international green energy know-how

    0 shares
    Share 0 Tweet 0

Subscribe
Facebook Twitter Youtube LinkedIn

About Us

Brussels Morning is a daily online newspaper based in Belgium. BM publishes unique and independent coverage on international and European affairs. With a Europe-wide perspective, BM covers policies and politics of the EU, significant Member State developments, and looks at the international agenda with a European perspective.

Category

  • Ambassador’s Corner
  • Commission
  • Council
  • Culture and Society
  • Diplomacy
  • Economy
  • EU Institutions
  • Europe
  • Europe With Transparency
  • Features
  • In Depth
  • Member States
  • Middle East Eye
  • Opinion
  • Our pick
  • Parliament
  • Place de la Bourse
  • Southeast Europe
  • Sustainable Perspective
  • The American Angle
  • The Macro-Economist
  • Uncategorised
  • US Elections
  • World

More info

  • About Us
  • Advertising
  • Cookies Policy
  • Contact Us
  • FAQ
  • Jobs

Brussels Morning Newspaper - All Rights Reserved © 2020

No Result
View All Result
  • Home
  • About Us
  • EU Institutions
    • Parliament
    • Commission
    • Council
  • Europe
  • World
  • Member States
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • Europe With Transparency
    • Place de la Bourse
    • The Macro-Economist
    • Sustainable Perspective
    • The American Angle
    • Southeast Europe
  • Magazine

Brussels Morning Newspaper - All Rights Reserved © 2020

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

SAVE & ACCEPT