MADRID – Spanish Economy Minister Nadia Calvino said Monday that economic expansion in the fourth quarter is likely to be slower than the 13% she expects in the third quarter.
“It is transparent that the fourth quarter will have to have a slower expansion than the third quarter,” Calvino said in an interview with Spanish radio RNE, noting that knowledge of the third quarter benefited from a rebound effect after a record drop in the current quarter.
From April to June, Spain’s gross domestic product fell by almost 18% to the last quarter due to the coronavirus pandemic and the blockade imposed between mid-March and the end of June.
The Spanish government expects its economy to contract by 11. 2% overall this year and to grow by 7. 2% in 2021. Disbursement of the EU bailout budget that will begin in 2021 can simply stimulate GDP expansion through emissions of 2% that year, according to Calvino. (Reporting through Inti Landauro and Emma Pinedo edited through Ingrid Melander)
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