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Financial News: Spain Q1 GDP Falls At Record Pace

Spain Q1 GDP Falls At Record Pace

04/30/2020 - 03:56:00 (RTTNews)

(RTTNews) - Spain's economy contracted at the fastest pace on record in the first quarter due to coronavirus, or covid-19, pandemic, data from the statistical office INE showed Thursday.

Gross domestic product fell 5.2 percent from the fourth quarter, when it was up 0.4 percent. The decline was the biggest on record and also larger than the expected -4.4 percent.

On a yearly basis, the economy contracted 4.1 percent after expanding 1.8 percent in the fourth quarter. Economists had forecast a 3.2 percent decrease.

On the expenditure-side, final consumption expenditure fell 5.1 percent and gross fixed capital formation decreased 5.8 percent. Exports and imports were down 8.4 percent each in the first quarter.

Another flash report from INE showed that consumer prices declined the most since mid-2016 in April due to the fall in oil prices.

Consumer prices fell 0.7 percent on a yearly basis in April after staying flat a month ago. This was the fastest fall since June 2016, when prices were down 0.8 percent.

Meanwhile, month-on-month, consumer prices gained 0.3 percent, in contrast to a 0.4 percent drop in March.

Inflation, based on the harmonized index of consumer prices declined 0.6 percent on year, reversing a 0.1 percent rise in March. This was the biggest drop since July 2016.

On a monthly basis, HICP inflation eased to 0.4 percent from 0.6 percent. Final data is due on May 14.

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