During the first quarter of 2021, the year-on-year variation rate of the Spanish GDP stood at -4.25%, registering an increase from the previous quarter. Regarding the labor market, the percentage of unemployed over the active population registered a decrease compared to the previous quarter, down to a rate of 15.98%. On the other hand, year-on-year employment variation rate stood at -2.41%. As for prices, inflation stood at 0.60%. Regarding the exchange rate, the euro appreciated against the dollar in 1Q21, reaching an average exchange rate of 1.21 $/€.

 


Macroeconomic outlook report: Spain 1Q21

Watch video

Macroeconomic overview

  • In 1Q21, the Spanish economy registered a y/y variation rate of -4.25%, after accelerating by 4.67 p.p. with respect to 4Q20. The recovery of the Spanish economy accelerated moderately after the lifting of the containment measures of the third wave of the pandemic in late February and early March.
  • Domestic demand increased by 3.60 p.p. with respect to the previous quarter, reaching a year-on-year variation rate of -2.64%.
  • Regarding the labor market, the unemployment rate stood at a rate of 15.98%, after decreasing by 0.15 p.p. compared to 4Q20. On the other hand, in 1Q21, the year-on-year employment variation rate stood at -2.41%, which represented a small recovery (0.71 p.p.) compared to the previous quarter.
  • Regarding the exchange rate, the euro appreciated against the dollar in 1Q21, reaching an average exchange rate of 1.21 $/€.
  • As for inflation, in 1Q21, CPI growth stood at a rate of 0.60%, after recording an increase of 1.32 p.p. compared to the previous quarter.

For more information, click here to access the executive document in pdf (only avalaible in Spanish).