Spain’s economy contracted sharply in the second quarter due to the pandemic but the pace of decline was less than initially estimated, revised data from the statistical office INE showed Wednesday.
Gross domestic product fell 17.8 percent on quarter, much larger than the 5.2 percent decrease posted in the first quarter. The second quarter rate was revised from -18.5 percent.
On a yearly basis, GDP plunged 21.5 percent in contrast to a 4.2 percent drop in the first quarter. This was also smaller than the initially estimated fall of 22.1 percent.
Final consumption expenditure was down 14.6 percent and gross fixed capital formation declined 21.5 percent.
Exports and imports decreased 33.4 percent and 29.5 percent, respectively.
The material has been provided by InstaForex Company – www.instaforex.com
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