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Spain's GDP contraction likely wider than 10%, PM says

·1-min read
Spanish Prime Minister Pedro Sanchez arrives to a news conference at Moncloa Palace in Madrid

MADRID (Reuters) - Spain's gross domestic product has likely to contract by more than 10% this year as a consequence of the coronavirus pandemic and the restrictions imposed on economic activity to curb it, Prime Minister Pedro Sanchez said on Tuesday.

"We are now 10% poorer than a year ago," he told a news conference. The government has previously forecast an 11.2% contraction for this year.

He added that the government had decided to keep the country's minimum wage at the same level in 2021 after a strong increase in the previous year.

(Reporting by Inti Landauro)

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