During the first quarter of 2020, the year-over-year growth of Spanish GDP decreased by 5.88 p.p. down to -4.10%. Regarding the labor market, the unemployment rate increased by 0.63 p.p. compared to the previous quarter, to 14.41%. On the other hand, employment registered a year-over-year growth of 1.08% during this quarter, 0.98 p.p. lower than in 4Q19. In terms of prices, inflation stood at 0.60%, after a quarterly increase of 0.16 p.p. Regarding the exchange rate, the euro depreciated against the dollar in 1Q20, and stood at an average rate of 1.10 $/€.

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