The Spanish economy has contracted by 5.2% in the first quarter of the year, according to preliminary data released by the national statistics office – the INE.
It is the largest contraction since the Spanish civil war in 1936. In comparison the economic collapse of the credit crunch was 2.6%. The data only covers the start of the lockdown, and it is expected that the second quarter will make for equally grim reading.
According to the data, it also shows that retail trade in March fell by 15%, usually it is only a few tenths of a percentage.
In Depth: Coronavirus outbreak in Spain[catlist tags=”covid-19″]
The news came a day after the Ministry of Finance has said Spain had a €5.5 billion deficit in the same period.