Spanish Residential and Commercial AC Market in 2020

In 2020, the Spanish economy suffered the biggest downturn in 85 years due to the COVID-19 pandemic, recording a reduction in gross domestic product (GDP) of 11% that put an end to six years of growth. The rebound of 0.4% growth in the fourth quarter was not enough to offset a slowdown in domestic demand and a collapse in investments due to restrictions and activities that were at a standstill.