Spain experiences historic 11% GDP slump in 2020 due to pandemic

The National Institute for Statistics' latest quarterly accounts, which were published on Friday, paint a bleak picture of a Spanish economy drastically impacted by Covid-19.

Spain's GDP contracted by 11% in 2020 compared to the previous year as a result of the pandemic and the restrictions imposed in an attempt to curb the spread of the virus that the INE describes as an "unprecedented challenge" with wide-ranging consequences.

Although there was 0.4% growth over the fourth quarter, it was far from the 16.4% increase experienced over the summer following the drastic 17.9% plummet during strict lockdown months of the spring.

Fourth-quarter growth was still down 9% on third-quarter gains and 9.1% below the October-December 2019 figures.