In its latest edition of ‘Spain Outlook‘ – presented today by Jorge Sicilia, Director of BBVA Research Chief Economist of BBVA Group, and Rafael Doménech, Head of Economic Analysis of BBVA – BBVA’s research service estimates that the containment measures implemented to curb contagion rates and reign in the Covid-19 pandemic will cause Spain’s GDP to decline 8 percent year-on-year (compared to its previous 1.6 percent growth forecast). The decline may drive to an unemployment rate above 20 percent this year. In 2021, as a result of the expected global recovery and the policies promoted by both European institutions and the government of Spain, Spain’s GDP growth rate could reach 5.7 percent year-on-year.