section_path: Impact by region or country/Europe/Spain
section_name: Spain
paragraph_text: Spain
  
  The COVID-19 pandemic caused major disruptions to Spain’s economy, leading to significant downturns in key sectors. GDP shrank by -5.38% in Q1 2020 and -17.64% in Q2 2020, before partially rebounding with +16.24% in Q3 2020 as restrictions eased. Growth slowed again to +0.24% in Q4 2020 and +0.40% in Q1 2021, signaling a gradual stabilization. Exports saw sharp declines, dropping -7.35% in Q1 2020 and -30.90% in Q2 2020, but recovered with +27.54% in Q3 2020, +4.89% in Q4 2020, and +0.73% in Q1 2021. Imports mirrored this pattern, falling by -4.35% in Q1 2020 and -28.23% in Q2 2020, followed by rebounds of +26.88% in Q3 2020, +5.99% in Q4 2020, and +2.60% in Q1 2021. Household consumption was highly volatile, contracting by -6.08% in Q1 2020 and -21.39% in Q2 2020, then bouncing back with +21.37% in Q3 2020, only to slightly increase by +0.23% in Q4 2020 and decrease again by -0.23% in Q1 2021. Investment in fixed capital dropped by -2.40% in Q1 2020 and -19.45% in Q2 2020, before recovering with +19.54% in Q3 2020, though it saw small declines in Q4 2020 (-0.17%) and Q1 2021 (-0.15%). Government consumption remained more stable, steadily growing by +1.12% in Q1 2020, +0.95% in Q2 2020, +1.48% in Q3 2020, +1.78% in Q4 2020, and +0.66% in Q1 2021. These fluctuations underscore the pandemic’s deep and uneven impact on the economy, marked by sharp contractions followed by partial recoveries and ongoing volatility. Unemployment was rampant during these six quarters as Spain’s internal economy suffered.