Latest data released by the National Statistics Institute - 30 April 2020

  • Prior (Q4) +0.4%
  • GDP -4.1% vs -3.2% y/y expected
  • Prior (Q4) +1.8%

The quarterly drop marks the steepest contraction ever recorded in the country, based off the current series that started back in 1995. That comes as no surprise as the virus fallout eats away at economic conditions with April and Q2 set to be much worse.