COVID-19 and the economic scenario in Spain - the slow path back to recovery - BFF Banking Group
News & Media
After the pandemic first hit Spain at start of 2020, the economic activity regained traction over summer (Q3 2020) and produced a first sign of recovery, though modest, after a 17.8% GDP drop in the second quarter of the year (q/q). However, recovery is partial – GDP levels remain 9.1% lower than at end of 2019. As first vaccines emerge in the market and with them the hope of full-fledged vaccination across countries that would imply the diminishing of market uncertainty and restraints on activity, the hopes of a fast recovery expected as early as the first quarter of 2020 was called into question as the epidemiological situation worsened at a rather critical point for the start of a potential recovery process. The webinar partnered with the Spanish Chamber of Commerce in Portugal will verse the slow path back to recovery starting in 2021, focusing on the financial status of the central and regional administrations and local entities in the last quarter of the year, considering fiscal consolidation, budgetary deficit and public spending in the context of the pandemic.
Miguel Seco, Member of the Portuguese and Spanish Chamber of Commerce and Industry (CCILE)
Nuno Francisco, Head of Portugal of BFF Banking Group
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