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Spain GDP Falls As Estimated In Q1

Spain's economy contracted at the fastest pace on record, as initially estimated, in the first quarter due to coronavirus, or covid-19, pandemic, final data from the statistical office INE showed Tuesday.

Gross domestic product fell 5.2 percent from the fourth quarter, when it was up 0.4 percent. The decline was the biggest on record and in line with the preliminary estimate released on April 30.

On a yearly basis, the economy contracted 4.1 percent after expanding 1.8 percent in the fourth quarter. The annual rate also matched flash estimate.

The expenditure-side breakdown of GDP showed that household spending dropped 6.6 percent, while government spending rose 1.8 percent.

Gross fixed capital formation was down 5.1 percent. Exports and imports fell 8.2 percent and 6.6 percent, respectively.

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