Spain's economy is expected to rise by 10 percent in the third quarter of 2020 after two trimesters of pandemic-induced downfall, the country's Economy Minister Nadia Calvino said on Monday
MADRID (Pakistan Point News / Sputnik - 31st August, 2020) Spain's economy is expected to rise by 10 percent in the third quarter of 2020 after two trimesters of pandemic-induced downfall, the country's Economy Minister Nadia Calvino said on Monday.
"The economic recovery is already underway ... Our forecast is that growth will be very significant and exceed 10 percent in the third quarter," Calvino said while speaking at the Menendez Pelayo International University in Madrid.
According to the minister, there is a good chance for sustainable growth in 2021 if COVID-19 outbreaks remain under control.
At the same time, Calvino noted that the recovery in different industries and regions was asymmetric.
The Spanish economy contracted by 18.5 percent in the second quarter of 2020, a time during which most coronavirus quarantine measures were in effect, compared to the previous trimester, marking the largest quarter-on-quarter drop since record-keeping began in 1970. According to Bank of Spain's forecasts, by the end of the year, the country's economy will shrink by 9 to 15.1 percent.
Spain has been seeing a surge in the coronavirus infection rate that started in mid-July. The country has so far registered 439,286 COVID-19 cases and over 29,000 related deaths. The authorities have said that the majority of new cases have been registered among young people without symptoms.
