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Thursday, 11 February 2021

Spain: Dramatic decline in GDP


The government’s Central Statistics Department confirmed that Spain’s GDP has fallen by 11% in 2020. This is the case in the first six weeks of 2021. 


Any immediate improvement seems unlikely to be the final improvement. Since reliable data was first compiled, Spain’s economic activity has never slowed down like it is now even at the height of the economic crisis in 2009, the decline was only "3.9%"-only the civil war that ended 82 years ago in modern times So harmful in history. 


The tourism industry, very important to Spain’s growth over the past 50 years, has been one of the sectors hit hardest by the pandemic.  


Banco de España now reports that travel restrictions for most of last year led to a sharp decline in GDP of the 50 the main tourist hotspots of the Balearic, Canary Islands, Malaga, Girona, and Alicante. 


According to reports, in the Balearic Islands, the decline was the dramatic at 27%, while the other most significant declines were in Las Palmas, which fell by 21%, and in Santa Cruz de Tenerife. A decrease of 19%, and a decrease of 17% in the Canary Islands. Malaga, Girona’s 14.2%, Alicante’s 13.5%.

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