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The contraction, triggered by one of Europe’s strictest coronavirus lockdowns, was worse than the 16.6% expected by analysts. Bloomberg The coronavirus crisis has pulverised Spain's economy, triggering its worst recession since the civil war, with collapsed tourism numbers boding ill for hopes of a swift rebound. (

It came after a 5.2% drop in the first quarter, dragging Spain into its steepest recession ever, at a record pace. Philippines Joins EM Central Banks’ Unorthodox Bond-Buying C... The declines reflect the effect of strict quarantines measures on businesses and consumer spending, and a slump in tourism in some countries.Spain is Europe's worst performer so far in second quarterSource: National statistics offices, Bloomberg surveyThe health crisis was most severe in the region’s least economically resilient members, leaving them with little National governments have already stretched their budgets to deal with the crisis, and the “I don’t think anybody really realistically should think that levels of GDP by the end of 2021 will be back at the pre-crisis levels,” Erik Nielsen, UniCredit Group chief economist, told Bloomberg TV’s Francine Lacqua and Tom Keene. “Not only has the Spanish economy been one of the worst hit in the euro zone by the pandemic, it also looks set to make a much weaker recovery than its neighbours,” said analysts at Capital Economics.

People no longer go inside the bar.”With the economy hibernating and most shops closed until reopening began in May, private spending and investment plummeted in the second quarter, inflicting a much greater blow on Spain’s economy than European counterparts including Germany, France and Italy, the data showed.

Stocks Edge Lower With U.S. Futures; Dollar Slips: Markets W...

: Eco... People no longer go inside the bar.” With the economy hibernating and most shops closed until reopening began in May, private spending and investment plummeted in the second quarter, inflicting a much greater blow on Spain’s economy than European counterparts including Germany, France and Italy, the data showed. REUTERS/Javier Barbancho The third quarter will now be weaker than expected, said Raymond Torres, chief economist of thinktank Funcas, forecasting that Spain might manage to rake in from tourist income for the whole year what it usually gets in the third quarter alone. As governments release second quarter annual reports, the countries’ GDP indicate record-breaking lows. The second-quarter contraction came after a 5.2% drop in the first three months, at that stage the worst quarter in modern records. U.K.’s Dilemma, Hard Times for Paris, PBOC Buying Debt? Britain's economy shrank by a fifth in the second quarter, higher than any European neighbour, as the coronavirus pandemic slammed businesses and plunged the country into a record recession. Britain's economy shrank by a fifth in the second quarter, higher than any European neighbour, as the coronavirus pandemic slammed businesses and plunged the country into a record recession. Top Global Real Rate Is Where Egypt Wants It: Decision Day G... “Monetary policy will keep the pedal to the metal.”The euro was trading little changed at $1.1843 as of 2:07 p.m. in Frankfurt. Italy Sees Steady Demand for Its First Mid-August Sale in De... High-frequency indicators suggest the pace is now slowing and we expect a combination of ongoing social distancing rules, spending caution and weak external demand to act as a ceiling on activity for the rest of this year. The government has forecast contraction of 9.2% in 2020 as a whole, surpassing the fall during Spain’s 2008-2013 financial crisis, but expects 6.8% growth in 2021. The coronavirus pandemic has plunged the eurozone economy into a historic recession with Spain suffering the biggest hit, figures published on Friday showed. A stimulus package and health measures also helped boost public spending. Investors Shun Cheap Stocks in Nigeria as Risks Pile Up ( Stocks Edge Lower With U.S. Futures; Dollar Slips: Markets W... Manuel V. Gómez. What lessons can we draw from the eurozone’s coronavirus recession? Nor has the crisis boosted support for Spain’s populists – 54% said the far right Vox party had gone down in their estimation since the arrival of the coronavirus. Spain insists it is not experiencing a second wave of the coronavirus and recent increases are still far from the peak. Top Global Real Rate Is Where Egypt Wants It: Decision Day G... India Credit Crunch Eases as Shadow Bank Bond Sales Rebound “Not only has the Spanish economy been one of the worst hit in the euro zone by the pandemic, it also looks set to make a much weaker recovery than its neighbours,” said analysts at Capital Economics.Spain normally received about 80 million visitors annually and has depended on tourism for about 12% of economic output.The government has forecast contraction of 9.2% in 2020 as a whole, surpassing the fall during Spain’s 2008-2013 financial crisis, but expects 6.8% growth in 2021.“I fear something worse because in the previous crisis we had health and now we don’t,” said pensioner Amelia Martin, walking in Madrid with a mask on.Spain insists it is not experiencing a second wave of the coronavirus and recent increases are still far from the peak.But Alex Lazarowicz, a British artisan brewer in Barcelona, whose business has suffered from the local resurgence in cases, said things were not improving: “Everything is empty. Hit by one of Europe’s worst outbreaks and strictest lockdowns, the economy came to a virtual halt in March and remained paralysed until the end of June.It shrank 18.5% in the second quarter, a drop so harsh it wiped out all the recovery achieved since the 2008 global financial crisis, figures from the National Statistics Institute showed on Friday.

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