We already have the first concrete figures of the economic crisis which is causing the coronavirus health crisis. The Spanish economy sank -5.2% in the first quarter, as reported by the INE on Thursday.

This rate is 5.6 points lower than that registered in the fourth quarter and the year-on-year variation in GDP stands at -4.1%, compared to 1.8% in the previous quarter.

The contribution of national demand to the year-on-year change in GDP is -4.3 points, 5.6 points lower than that of the fourth quarter. For its part, external demand presents a contribution of 0.2 points, three tenths lower than that of the previous quarter.

External demand

Exports of goods and services show a variation of -6.3% compared to the first quarter of 2019, which is 9.6 points less than in the previous quarter. This variation is caused by a decrease in the interannual rates of goods exports (from 2.0 to ─4.7%) and of services exports (from 6.0% to ─9.6%). Within these, the expenditure of non-residents in the economic territory drops 20.4 points (from 1.2% to ─19.2%).

Other data

The remuneration of employees shows an interannual variation of 2.8% in the first quarter, 1.7 points lower than that of the previous quarter. This result is a consequence of the 0.8% increase in the number of employees, 1.7 points lower than the previous quarter, and that the average remuneration per employee grew 2.0%, compared to 1.9% in the fourth quarter .

The number of hours actually worked varies by ,05.0% compared to the fourth quarter, 5.8 points less than in the previous quarter. In year-on-year terms, the number of hours actually worked decreased 5.6 points, to ─4.2%.

This will be the dynamics of global data due to the covid-19 crisis. For example, yesterday we knew that the American economy It suffered the brutal impact of the coronavirus in the first quarter with a contraction of 4.8% of annual GDP, ending with a boom of more than a decade and suggesting that the worst is yet to be seen when figures for the months of confinement are published. Before, growth was 2.1% in the immediately preceding quarter.

It supposes for the USA a fall of almost 7%. In the case of China it was 8%.

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