France and Italy in recession while Spain experiences record decline in first quarter GDP

France and Italy in recession while Spain experiences record decline in first quarter GDP
France and Italy in recession while Spain experiences record decline in first quarter GDP

Both Italy and France entered into a recession in the first quarter of 2020 while Spain reported a large decline in it’s GDP (Gross Dompestic Product) of 5.2% with the Bank of Spain warning that the country could see an annual decline of more than 13%.

Earlier in the week, the USA confirmed that the country’s GDP had also contracted for the first time since 2014.

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