Chiller Market Report — SPAIN

The Spanish economy suffered the biggest downturn in 85 years due to the pandemic, resulting in a reduction in gross domestic product (GDP) of 11% in 2020, a historic decline that ended six years of growth. The rebound of 0.4% in the fourth quarter was not enough to offset the declines in the first three quarters, during which restrictions and paralysis of activity occurred, triggering a slowdown in domestic demand and a collapse of investment. However, the final GDP loss of 11% was lower than the original loss predicted by the International Monetary Fund (IMF), the Bank of Spain, the European Commission (EC), and the Spanish government. In 2021, the Spanish economy is forecasted to grow by around 5%. In addition to the rebound of private consumption, it is important to give the highest priority to the implementation and execution of the European funding programs.