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From a health crisis to an economic crisis marked by Covid 19
Historic collapse of the Spanish economy in the first quarter of 2020, marked by the declaration of the State of Alarm, the second half of March which had a direct consequence on the economy with the paralysis of economic activity.
The Spanish economy collapses by 5.2% in the first quarter of the year, the worst figure in history since records began in 1970, according to data published this Thursday by the INE.
Until now, the largest quarterly GDP drop had been recorded in 2009, during the economic crisis, but it fell by 2.6%, half of what it is this time. The halt in activity due to the coronavirus has caused the economy to break the upward trend of the last nine months, when the economy grew by 0.4% in the second, third, and fourth quarters of 2019.
