Spain’s GDP will shrink by 12.8% this year

SPAIN’S GDP will shrink by 12.8% this year, experts warn. The decline comes amid the economic crisis provoked by coronavirus and lockdown.

Experts primarily blame the effect of travel restrictions on tourists for the collapse. Tourism accounts for around of 14% of GDP in this country and employs three million. The onset of a second wave of infections dispelled hope of a late season for those in the tourist trade, and the recent closure of bars and restaurants in Catalonia has not helped matters.

The GDP of France, the country with the highest annual rate of tourists – almost 90 million per year – will fall by 9.8%, three points less than the Spanish.

Professor of Economics at Pompeu Fabra University, José García Montalvo points out that Spain is badly adapted to deal with crises.

“We have been talking for a long time that the sun and beach model is not sustainable,” he said

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Written by

Sarah Keane

Former teacher and health services manager with a Degree in English, Sarah moved to Spain from Southern Ireland with her husband, who runs his own car rental business, in 2019. She is now enjoying a completely different pace and quality of life on the Costa Blanca South, with wonderful Spanish and expat friends in Cabo Roig. Sarah began working with Euro Weekly News in 2020 and loves nothing more than bringing all the latest national and international news to her local community.

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