MADRID (Dispatches) - Spain’s economy contracted at the start of the year, reflecting the extent of the economic fallout from the coronavirus pandemic.
The eurozone’s fourth-biggest economy declined 0.5% on quarter in the first quarter, following flat growth in the last quarter of 2020, the Spanish statistics agency INE said in a first estimate for the period. The contraction in 1Q was in line with the forecast of economists polled by The Wall Street Journal.
The Spanish economy shrank 4.3% on year in the first quarter, INE said. This was worse than the 4.1% contraction forecast by economists polled by The Wall Street Journal.