Inflation continued instead its upward trend, defying expectations of a slowdown, supporting the European Central Bank's expectation that a negative headline reading may be avoided.
Spain's figures put the spotlight on southern European countries that suffered the most from the pandemic after entering the crisis with already-strained public finances. Europe's fourth-largest economy had one of the continent's earliest and deadliest outbreaks of the coronavirus, along with Italy, and the government responded with a strict lockdown. Both countries are heavily reliant on tourism, a sector that's been slammed by the pandemic.
The Spanish economy has been particularly affected by the crisis because of the relatively small size of its companies, which leaves them more vulnerable and less capable of effectively responding to the shock. Business associations expect tens of thousands of small and medium-sized companies to go bankrupt before the end of the year.
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