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Economic activity in Spain has fallen in the first three months

BayRadio | April 18, 2020

Economic activity in Spain has fallen in the first three months of 2020 compared to the same period last year.

An examination carried out by Imperial College Business School, University of Cambridge and University of Edinburgh of 1.4 billion credit and debit card transactions during the first three months of 2020, shows that spending in post-lockdown was on average 49 percent lower than the same date the previous year.

The researchers used transaction data from the Spanish bank BBVA to track how economic activity has responded to the COVID-19 crisis and the policy measures being put in place to contain it.

A group of experts will advise the Valencia regional government over the future ‘transition phase’ in which the strict state of emergency confinement measures are reassessed.

Regional president Ximo Puig has urged the national government to set different timetables according to ‘regional criteria, residents’ age and types of economic activity’.

He added that in order to defeat the coronavirus the authorities had to fight the temptation to relax measures too quickly and they ‘should not drop their guard’.

One of Spain’s top ministers has said that holiday travel to the Costa Blanca and Costa del Sol from countries like the UK will only return, if the area is “extraordinarily” safe.

Government spokesperson and Finance Minister, María Jesús Montero said the country will not restart the tourist industry until it is safe, both for people living here and tourists.

Jesús Montero was speaking at a Madrid video conference with journalists, her more downbeat tone was in contrast to recent glimmers of hope offered by Spain’s Tourism Minister, who talked about beaches reopening with social distancing rules, as well as reigniting the country’s domestic tourist market.

Meanwhile airports across Spain are adapting their services and facilities to the sharp fall in flights due to the Covid-19 health crisis.

State-run company Aena says basic maintenance work is being carried out to ensure that they are ready to operate as normal as soon as the national government gives the go-ahead.

Written by BayRadio

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