The Spanish central bank expected the economy to contract less than expected this year, but the recession will be almost three times worse than the record recession recorded in 2009 during the height of the global financial crisis.
The previous scenario for the Spanish central was a contraction from 9.5 percent to 12 percent.
The economy contracted 5.2 percent in the first quarter and is already the steepest since the record series that began in 1970, and twice worse than the first quarter of 2009. Spain's economy contracted 3.7 percent in 2009.
The Spanish central bank expects the economy to start recovering in the second half of this year and for GDP in 2021 to grow from 7.7 percent to 9.1 percent compared to a previous estimate by the bank. From 6.1 percent to 8.5 percent.
