Construction Growth Plummeted by 8% in March, by Even More than GDP

30 April 2020 – Brainsre.news

Spain’s Gross Domestic Product (GDP) registered a fall of 5.2% in March with respect to the previous quarter, the largest in the historical series, which began in 1970. The data only includes the first 15 days of the lockdown in March, but already construction sank by 8.1%.

The country’s Gross Domestic Product (GDP) registered a fall of 5.2% in the period January to March compared to the previous quarter, the largest in the historical series, which began in 1970.

The data, according to the Quarterly National Accounts for Spain published by the National Institute of Statistics (INE), includes only the first 15 days of the lockdown in March. Nevertheless, construction growth sank by 8.1%, by more than GDP, which worsened the cooling that the sector was already experiencing. Meanwhile, real estate activity registered a decrease of 2.7%.

Original Story: Brainsre.news

Translation/Summary: Carmel Drake

28