Impact of COVID-19 on Spain Economy
発行: Orion Market Research Pvt Ltd
Impact of COVID-19 on Spain Economy, Deviation & Trends Analysis Report, Verticals (Automobile, Energy, Healthcare, Retail & E-commerce, Agribusiness and Food, Aviation, Manufacturing, Travel & Tourism, Others) and Forecast 2019-2025
Spain is the third most affected country due to the COVID-19 pandemic globally. The country is the second most affected country in Europe after Italy due to coronavirus with more than 95,000 cases by the end of March 2020. The country has registered the second-highest global mortalities after Italy due to the pandemic. The country was under lockdown from March 14, 2020, and after the sudden increase in the fatalities, the lockdown has been extended to April 12, 2020, and people can move only for food, medicine, and other important work. As per the International Monetary Fund, the country was 13th largest economy globally with a GDP of $1.4 trillion and a growth of nearly 2% in 2019. Due to the pandemic, the country's growth is expected to slow down and there is a high chance that it will witness a negative growth rate in 2020.
Based on industry classification, Spain's economy is studied into automobile, energy, healthcare, retail & e-commerce, agribusiness and food, aviation, manufacturing, travel & tourism, and others. A major slowdown in the aviation, travel and tourism, manufacturing, as well as the construction sector, has been reported due to COVID-19. Many sites have been shut down due to the coronavirus outbreak. Moreover, various production and manufacturing operations are also being disrupted and investment plans put on hold in Spain. As a result of travel restrictions following public health, the crisis has also reduced the travel and tourism industry in Spain.
After France and the US, Spain was the third-most visited country by tourists globally. Due to the COVID-19, many people are postponing or canceling their vacation and avoiding even the local areas where a large number of people assemble which is thereby affecting tourism and related sectors such as transport, hospitality, and air travel. Besides, Spain has a diverse industrial base including manufacturing, agribusiness, infrastructure, and renewable energy sectors. The cities of Madrid and Barcelona in Spain are the main regions for the commercial activities within the country. The recent pandemic is causing significant turbulence to the economy of Spain. A sudden drop in domestic and external demand for goods and products, reduction in various trades, halts in production due to labor and raw material shortage are some of the major impacts observed in the country.
Key companies operating in Spain whose business operations are significantly affected due to COVID-19 include Airbus S, BFS Blue Enterprises, Distribuidora Internacional de Alimentacion, S.A., EDP Renewables, Fersa Energias Renovables SA, Iberdrola Renovables, Indra Sistemas, S.A., Industria de DisenoTextil, S.A.As among others. In March 2020, in order to deal with the pandemic, the government of Spain has announced a package of around $221 billion to support and aid companies.
OMR global recently published a report addressing the impact of COVID-19 on Spain's economy. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior and macro-economic factors. The report includes analysis of different regions and the effects of COVID-19 on Spain's economy of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.
The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.
The Report Covers: