Monday, 20 Apr 2020 08:18 PM MYT
The estimated contraction would be “unprecedented in recent history” even if the figures were subject to “huge uncertainty” depending on how long the current lockdown lasts, the central bank said in a statement. If the lockdown was limited to just eight weeks, ending on May 9 in line with the current government directive, Gross Domestic Product would contract by between 6.6 per cent and 8.7 per cent.
It also pointed to “a profound weakening of demand for goods and services from the rest of the world” and the collapse of tourist arrivals, affecting two pillars of the Spanish economy.
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