The National Institute of Statistics (INE) has revealed the final GDP figure for 2020. According to these data, GDP decreased by 10.8%, the biggest drop in the Spanish economy in peacetime.
However, this estimate, now final, is lower than the forecast that was launched in January, which was a decrease of 11% in GDP. The INE has made this review after analyzing in depth the data of the year, which was better than expected, something that also caught the Bank of Spain by surprise.
Thus, the quarterly growth in the summer months (July-September) was 17.1%, seven tenths higher than estimated, while in the fourth quarter the economy did not grow (0.0%) despite initial forecasts pointing to a 0.4% hike.
At the same time, the decrease initially published for the first quarter of last year (-5.3%) was somewhat higher, 5.4%, while the estimated for the second quarter (-17.9%) it has moderated one tenth and is now 17.8%.
Thus, the interannual variation of GDP in the last quarter stood at −8.9%, compared to −8.6% in the third quarter. ANDThis rate is two tenths higher than the INE advanced in January.
In the year 2020 as a whole, GDP at current prices stood at 1.121 trillion euros, −9.9% lower than in 2019. Which, in terms of volume and as mentioned before, meant a reduction of −10.8%.
The cdemand distribution The national GDP year-on-year growth in the last quarter of the year was −6.2 points, five tenths higher than in the third quarter. However, external demand presented a contribution of −2.7 points, eight tenths lower than last quarter due to the impact of the coronavirus waves in the European Union.
On the other hand, employment in the economy, in terms of hours worked, registers a 1.0% quarter-on-quarter improvement thanks to a Christmas campaign that, however, fell far short of expectations. However, this growth was lower in full-time jobs due to the reduction of hours of this type.