The economic cost of the pandemic is the highest since at least the Civil War. The Gross Domestic Product (GDP) of Spain fell 18.5% in the second quarter, quarter-on-quarter, and 22.1% compared to the same period of the previous year, as published today by the National Institute of Statistics (INE ).
The fall is 13.3 points greater than that registered in the first three months of the year and puts Spain back in technical recession and with a much greater impact than in Germany, the United States or France.
The sinking, the largest since there are records, was due to an unprecedented drop in household consumption, which sank 21.2%, and investment, with a drop of 21.9%. The period (between April and June) corresponds to the months in which Spain was in a state of alarm and confined for most of the quarter.
National demand as a whole contracted 16.6% in the second quarter. As for the foreign sector, both exports sank, with a decrease of 33.5%, and imports, which fell 28.8%.
Household consumption sank 21.2% in the second quarter
Among the offer, the sector that worsened was construction, with a 24.1% drop, followed by services and industry. The only activity that closed the quarter up was agriculture.
The data published today is only an advance, and the INE already warns that “the inherent difficulty in the statistical measurement of a change in the situation such as that experienced with the Covid-19 pandemic suggests that future reviews of the results published today may be of a greater magnitude than usual. "
This week, the economic impact of the pandemic Germany and the United States have also put figures. The world's largest power posted a decrease of 9.5% in year-on-year terms and 32.9% in relation to the previous quarter, the largest decline since records began in 1947. The largest European economy, meanwhile, sank a 11.7% between April and June and 10.1% year-on-year, also the highest since there is data.