Spanish Economy Rebounds After Sharp Drop, GDP Grows By Record 16.7% In Q3 - Statistics

MADRID (UrduPoint News / Sputnik - 30th October, 2020) Spanish GDP expanded by a record 16.7 percent in the third quarter of the year and thus rebooted after a lockdown-fuelled historic drop, the country's National Statistics Institute (INE) said on Friday.

"Spanish GDP registers a 16.7% variation in the third quarter of 2020 compared to the previous quarter in terms of volume.

In the second quarter the rate was -17,8%," the INE said in a press release.

Spain's GDP expanded above expectations amid the easing of COVID-19 measures and despite continuous restrictions on international tourism. According to INE, some 570,000 jobs were created in the third quarter.

Earlier in October, the Spanish government estimated that the overall GDP contraction in 2020 would amount to 11.2 percent, while the unemployment rate may surpass 17 percent. In the first quarter, Spain's GDP decreased by 5.2 percent.