Madrid
The Spanish economy contracted by 5.2 percent in the first quarter, provisional figures by national statistics agency INE showed on Thursday, as a coronavirus lockdown imposed in mid-March paralysed businesses. By comparison, Spain’s gross domestic product had expanded by 0.4 percent in the final quarter of 2019 due mainly to a strong export performance. The statistics office warned that the growth estimate for the first quarter could be “revised more significantly than usual” due to difficulties in gathering precise statistics during the lockdown. Spain — the eurozone’s fourth largest economy — has consistently outperformed much of Europe since it emerged from a five-year slump in 2013.—APP
