Spain: GDP to fall 9.2% in 2020, unemployment to soar to 19%

Spanish gross domestic product (GDP) will contract by 9.2% in 2020 and unemployment will soar to 19% due to the economic crisis triggered by the coronavirus pandemic, the government predicted on Friday.

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In its forecasts sent to the European Commission, the government sees the GDP go from a growth of 2% in 2019 to a fall of 9.2% this year, while unemployment will jump to 19% against 13.8% at the end of 2019 , announced the Minister of Economy Nadia Calviño during a press conference.

In addition, the Spanish government expects its budget deficit to explode, at 10.34% of GDP in 2020, compared to 2.8% in 2019 due to the increase in public spending. It will be the " largest deficit since 2012, " said Minister of Budget Maria Jesus Montero at a press conference, stressing that the government would face a significant drop in revenues in 2020, combined with an increase. of his expenses.