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Sept. 23, 2020, 4:00 a.m. EDT

Spanish 2Q GDP decline less severe than expected

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By Xavier Fontdegloria

The Spanish economy's decline during the second quarter was slightly less severe than initially estimated, data from the country's statistics office showed Wednesday.

In the period from April to June, Spain's gross domestic product fell by 17.8% compared with the previous quarter, 0.7 percentage points less than the INE's preliminary estimate of 18.5% released at the end of July.

In the second quarter and compared with the previous one, all the main aggregates of domestic demand fell, with decreases of 14.6% for consumption expenditure and 21.5% for gross fixed capital formation. Imports and exports decreased by 29.5% and 33.4% respectively, the data showed.

On annual terms, Spain's GDP in the second quarter dropped 21.5%, the data showed. The drop is 0.6 percentage points lower than previously estimated.

The Spanish economy, the eurozone's fourth-largest, suffered its second straight quarterly economic contraction in the April-June period. In the first quarter of the year, GDP fell 5.2% on quarter due to the implementation of measures to contain the spread of the coronavirus in mid-March.

Spain's GDP decline during the second quarter is steeper than the eurozone's average of 11.8%.

Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com

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