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- Spanish government forecasts 9.2% GDP contraction in 2020
Spanish government forecasts 9.2% GDP contraction in 2020
Bloomberg reports that Spain's government expects the economy to shrink by 9.2% in 2020, due to the impact of the coronavirus outbreak.
Following this year's contraction, Madrid expects the economy to rebound in 2021, with 6.8% growth, Economy Minister Nadia Calvino said in a press conference, in which she announced the annual economic outlook the government sent Thursday to European Union officials in Brussels.
The government's forecast for 2020 is in line with the central scenario presented April 20 by the Bank of Spain in its outlook.
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