European Commission negative forecast for Spanish GDP

Prime Minister Sánchez recently visited Brussels
Prime Minister Sánchez recently visited Brussels Credit: La Moncloa flickr

As the majority of analysts as well as the Spanish Government forecasts that the drop in Gross Domestic Product (GDP) for 2020 will be between 11.1 and 11.5 per cent, the European Commission has taken a much gloomier view of the health of the Spanish Economy.

It has now revised its autumn forecast by 1.5 per cent to suggest that because of the ongoing Covid-19 pandemic and increasing confinement that it could be as high as 12.4 per cent.

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A return to high unemployment is an additional factor in helping it make this decision.

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