MADRID – An 11.2% GDP drop

Spain’s GDP is expected to drop by 11.2% this year, 2.4 points than previously estimated, according to officials, EFE reported. Meanwhile, the country’s projected deficit in 2020 will be 11.3% of its GDP, an increase from the 10.3% predicted in April and higher than the one the country reached in 2012.

Unemployment, however, was predicted to reach 17.1% by the end of this year, 1.9 points less than what was forecast in April.

The capital Madrid was put back into a partial lockdown this week after its number of COVID-19 infections spiked. The restrictions imposed earlier this year had already decimated the country’s main industry – tourism. (EUROEFE)

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