Spain Slips into Recession as GDP Tumbles 18.5% in Q2, Italy, France Economies Battered as GDPs Shrink Amid COVID-19 Pandemic

Spain/Italy, July 31: Spain, Italy and France economies have been battered badly due to the COVID-19 pandemic, as the lockdown closed several factories, restaurants and shops. Spain plunged into recession in the second quarter after its gross domestic product tumbled by 18.5 percent due to the coronavirus pandemic, official figures showed on Friday. According to reports, Spain's economy suffered a bigger than expected blow in the second quarter.

According to a Bloomberg report, the drop in output has been led by plunges in consumer spending and investment -- is the deepest reported so far in Europe.  Economists had predicted a 16.6 percent contraction in the economy. Spanish Prime Minister Pedro Sánchez will reportedly be meeting later today with the leaders of Spain to discuss on a recovery strategy. Recession Meaning And FAQs: Are Some Countries in Recession? Know All About the Term And History From Around the World.

Spain Plunges into recession: 

Similarly, Italy's economy shrank 12.4 percent in the second quarter from the previous three months, preliminary data showed on Friday, as activity nosedived during the coronavirus pandemic, but the fall was less severe than many analysts had predicted.

Italy GDP Plunges 12.4%

France's economy shrank by nearly 14 per cent in the second quarter when the country was in coronavirus lockdown, a third consecutive quarter of negative growth in a worsening recession, the national statistics agency said Friday.

(The above story first appeared on LatestLY on Jul 31, 2020 02:56 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).