May 1, 2020 / 8:16 AM / a month ago

URGENT-Spain's GDP to contract 9.2% in 2020 - economy minister

MADRID, May 1 (Reuters) - Spain’s GDP will contract 9.2% in 2020, Economy Minister Nadia Calvino said on Friday, as the coronavirus pandemic battered the economy.

GDP is expected to grow 6.8% in 2021, she said.

The Bank of Spain expected an “asymetric V-shape recovery, with the deepest decrease in the second quarter and then a strong and gradual recovery in the second half of the year,” Calvino said.

“Forecasts are prudent and consistent”, she said.

On Feb. 11, prior to the imposition of a nationwide lockdown to counter the pandemic, Calvino had forecast 2020 GDP growth at 1.6%. (Reporting by Belen Carreno, Editing by Angus MacSwan and Inti Landauro)

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