U.S. Markets close in 5 mins
  • S&P 500

    3,659.35
    -9.66 (-0.26%)
     
  • Dow 30

    29,890.37
    +6.58 (+0.02%)
     
  • Nasdaq

    12,363.10
    +13.74 (+0.11%)
     
  • Russell 2000

    1,855.25
    +17.22 (+0.94%)
     
  • Crude Oil

    45.48
    +0.20 (+0.44%)
     
  • Gold

    1,844.50
    +14.30 (+0.78%)
     
  • Silver

    24.23
    +0.15 (+0.60%)
     
  • EUR/USD

    1.2145
    +0.0029 (+0.2429%)
     
  • 10-Yr Bond

    0.9200
    -0.0280 (-2.95%)
     
  • Vix

    21.18
    +0.01 (+0.05%)
     
  • GBP/USD

    1.3444
    +0.0069 (+0.5136%)
     
  • USD/JPY

    103.8840
    -0.5400 (-0.5171%)
     
  • BTC-USD

    19,352.91
    +404.01 (+2.13%)
     
  • CMC Crypto 200

    380.20
    +5.79 (+1.55%)
     
  • FTSE 100

    6,490.27
    +26.88 (+0.42%)
     
  • Nikkei 225

    26,809.37
    +8.39 (+0.03%)
     

Spain's second-quarter GDP falls less than expected, still worst decline on record

·1 min read
The coronavirus disease (COVID-19) outbreak, in Madrid
The coronavirus disease (COVID-19) outbreak, in Madrid

(Reuters) - The Spanish economy shrank less than previously reported in the second quarter, but the contraction was still the worst on record as the coronavirus pandemic brought the country to a halt, the national statistics office said on Wednesday.

The economy contracted by 17.8% quarter-on-quarter and 21.5% year-on-year, compared with readings of 18.5% and 22.1% in an initial estimate released in late July.

Spanish authorities imposed one of Europe's strictest lockdowns to curb the pandemic from mid-March to late June, triggering one of the deepest recessions in the region.

A 20.4% quarterly drop in household spending dragged the economy down, alongside a 22.1% drop in investment and a 33.4% decline in exports of goods and services.

Retail and hospitality collapsed with a 39.6% drop, as travel restrictions and covid fears kept tourists away.

Recent indicators have shown that the economy has partly recovered during the third quarter and should grow more than 10%, Economy Minister Nadia Calvino said last week.

Restrictions on travel have hampered the recovery of the tourism-dependent Spanish economy. August hotel-occupancy data showed tourism was still suffering, with bookings by Britons, the largest tourist group by nationality in Spain, dropping 91%.

One of the rare sectors that contributed to the economy was agriculture, growing 3.6%. Public spending grew by 0.3%.

Spain has the highest number of COVID-19 cases in Western Europe, with over 682,000 infections and nearly 31,000 deaths as of Tuesday.

(Reporting by Maria Gonçalves, Inti Landauro, Belen Carreno; writing by Inti Landauro and Ingrid Melander; editing by Larry King)