As expected, the 4% quarterly contraction in the Spanish economy estimated by the consensus of analysts has been overtaken by reality. GDP registered a historical collapse of 5.2% in the first quarter due to the Covid-19 crisis. Until now, the biggest quarterly fall in GDP was in the first quarter of 2009 (-2.6%).
A.J.A | Last Friday 27, after a cabinet meeting, the Spanish government issued a decree prohibiting companies from firing employees by “taking advantage of the coronavirus” (sic). with absurdities such as this one, it ensures that the recovery will not be in a V shape, or even in a U shape, but that the country will get into a prolonged crisis in L.
Fernando G. Urbaneja | The risk of recession is beginning to be seen in the data: in exports, as the outer circle of defence. If Germany sells less it also buys less; the powerful Spanish car components and machine tool industries are seeing a fall in orders and noting it is the time to cut back and not expand. Winter is coming and the house is not prepared.