Spain | With data up to February, activity remains stable

Summary

The data observed up to February show that GDP would have grown at a rate close to 0.5% QoQ, consistent with a stabilisation of demand and employment at low levels. However, uncertainty about the magnitude of the negative effects of Covid-19 is increasing, implying a significant downward bias

Key points

• Key points:
• For the time being, the progress of activity remains stable in 1Q20
• Consumption sustains the rise in domestic demand, while investment is volatile
• Exports stagnate at the beginning of the year
• Labor records improved expectations in February
• Inflation is again moderating

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