The Spanish economy shrank 18.5% in the second quarter — its worst drop on record — as the strict nationwide lockdown and restrictions took a toll on the economy amid the coronavirus pandemic.

This is the second consecutive negative quarter for Spain which has now entered recession. The economy dropped 5.2% in the first quarter.

Falling exports and weak service activities particularly in hospitality dragged the economy down. The economy is down 22.1% year on year.

The UK recently re-imposed a 14 day mandatory quarantine measures for travelers arriving from Spain, a move that could disrupt travel and impact tourism — a vital part of the Spanish economy — leading to a slower recovery.

Source: CNN


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