Published on Friday, April 30, 2021

Spain | GDP fell again in 1Q21

The Spanish economy contracted in 1Q21 (-0.5% q/q), although less than expected (-0.9% q/q). The lower reduction in exports offset the expected fall in private consumption. If this estimate and the trend of recent indicators are confirmed, growth could exceed the 5.5% forecast by BBVA Research in 2021.

Key points

  • Key points:
  • After stagnating in 4Q20, GDP decreased in 1Q21.
  • External demand cushioned the fall in domestic demand.
  • Hours worked declined, while full-time employment increased.

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