Spanish economy shrinks by 5.2% in Q1

Data released this morning showed that the Spanish economy contracted by 5.2% in the first quarter of 2020. The data from the Spanish National Statistics Office indicated a contraction of 4.1% year-on-year: the largest contraction ever suffered by the Spanish economy, with data for the second quarter forecast to be even worse. Meanwhile, the British economy also contracted more than expected in the first quarter, with GDP falling by 2.2% - worse than the expected 2%.