Spanish GDP Plunged in Q2

SPAIN Q2 FLASH GDP -18.5% Q/Q SA, -22.1% Y/Y WDA

SPAIN Q1 GDP UNREVISED -5.2% Q/Q; -4.1% Y/Y

• Spanish GDP collapsed by 18.5% in Q2, a greater contraction than markets had expected (BBG: -16.0%)
• This follows an unrevised Q1 figure and marks the lowest reading on record.
• The annual rate slumped to -22.1% in Q2 after declining by 4.1% in the first quarter of the year.
• Household consumption dropped by 21.2% after falling 6.6% in Q3
• On the other hand, government consumption grew by 0.4%, although at a slower pace than n Q1
• National demand contributes negatively GDP, falling by 16.6%, with imports declining by 28.8% and exports plunged by 33.5%.
• The report notes that hours worked in Q2 fell by 21.4% on a quarterly basis, while it dropped 24.8% on the year.