BREAKING NEWS: Spain Reports Heaving Losses of over €65 Billion in the First Quarter of 2020 due to the Coronavirus

Spain’s economy is shrinking – and faster than feared.

SPANISH GDP contracted by 5.2 per cent in January-March compared with the previous quarter, according to new figures from the National Statistics Institute.

That confirms that the tough lockdown measures imposed last month had an immediate, chilling, impact on growth as Madrid tried to get to grips with the Covid-19 pandemic.

It’s Spain’s worst contraction since the current data series started in 1995, and a bigger drop than expected