Spain's economy was recovering after years of recession following the 2008 financial crisis, but job losses jumped to a new all time … Before Covid-19, Spain’s economy was slowing like the rest of the world but was an outperformer compared to its sluggish eurozone peers.

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Retail sales fell 3.3% compared to the same month a year earlier in June, far less sharply than the 20.1% plunge logged in May as authorities continued to gradually lift the lockdown measures that were introduced in mid-March. Looking at the details of the release, the contraction in sales was less severe in both single retail and small chain stores compared to May. Businesses in the resort are exasperated over the UK’s sudden decision to impose quarantines on holidaygoers arriving from Spain as the setback risks dampening the country's recovery. Some 22pc of all foreign visitors arriving in Spain came from the UK in 2019, well above second-placed Germany and France at 13pc each, according to Spain’s official statistics bureau. Spain's popular hotspots face huge blow as big spending Britons are forced to stay away Retrieved 29 September 2019.

Second shock to Spain's economy could send ripples across Europe hotspots Spain's popular hotspots face huge blow as big spending Britons are forced to stay away By Tom Rees 27 July 2020 …

"The other big concern is this is something we are going to see in France, Italy and elsewhere," says Kenningham. ^ "World Economic Outlook Database, April 2019". That could mean Britons not only avoid Spain but hold off visits to Greek Islands, the French Riviera and Italian piazzas.
International Monetary Fund. Shares in TUI, which has cancelled all holidays to mainland Spain until August 9, slid as much as 15pc while easyJet dropped 14pc and Ryanair sank 9pc in another torrid morning of trading for the sector.Becky Lane, an analyst at Jefferies, warns the decision could also have “severe implications for customer booking confidence” and does not expect a full recovery in revenue for the sector until 2023.Many would-be holidaygoers mulling a return to Europe’s beaches could now opt for staycations or decide not to jet out if they fear their plans could be cancelled at the last minute.

Please review our The Spanish economy ends the second decade of the 21st century with a GDP growth rate close to its potential and an unemployment rate of 14.3%.

During the last three quarters of 2019, GDP has grown at an annualized quarterly rate of 1.6%. “It’s very tourist dependent and the labour market has a lot of people on temporary contracts and we suspect they are more likely to lose their jobs.”He says an “extremely severe lockdown” and Madrid’s lack of fiscal firepower also mean Spain’s economy is struggling.The Government's decision will not only hold back the recovery in Spain but also heap pressure on the travel and tourism industry in the UK and elsewhere.

July 2020 (August 05, 2020) Spain’s private sector economy returned to growth during July, expanding for the first time in five months.
Streets lined with drinking holes named the Red Lion, the Queens Arms and the Loch Ness Pub hint at the issues facing the town as Britons are forced to stay away.“We have less deaths and less people in hospitals in the last 24 hours than the UK so we really do not understand,” says Bilbao.

Leire Bilbao, head of Visit Benidorm, says visitors have been returning to the popular town “little by little” after "huge efforts" were made to make it safe. The Spanish Board of Architects approved 5,986 permits in May, according to data published by the Ministry of Public Works. Click on the button below to get started.

5 years of Spain economic forecasts for more than 30 economic indicators.Get a sample report showing our regional, country and commodities data and analysis. IMF.org.

Share: Twitter; LinkedIn; Facebook; Google+; Pocket; Instapaper; E-mail; Toon alle; The Spanish economy is losing momentum, but continues to grow faster than many Eurozone peers; We expect the economy to grow by 1.5% this year and 1.2% next year, after 1.9% in 2019 ; The …

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Tensions rise over eviction ban cut-off as landlords prepare court proceedings The headline seasonally adjusted Business Activity Index recorded 52.8, up from 49.7 in the previous month, to signal a solid rate of growth that was the best since April 2019. Reflecting a return to growth by the manufacturing sector and a slightly stronger expansion of services activity, the IHS Markit composite Purchasing Managers’ Index (PMI) climbed from 49.7 in June to 52.8 in July, the highest reading since April 2019. Our panel forecasts the economy to shrink 10.0% in 2020, which is down 0.3 percentage points from last month’s forecast, before growing 6.6% in 2021.